Eco Wave Power Global AB (publ) filed an 8-K press release on October 29, 2026, announcing that Bharat Petroleum Corporation Limited (BPCL) has issued a purchase order for an initial site assessment study at its Marine Oil Terminals at Jawahar Deep, Mumbai, marking the first concrete implementation phase of the two companies' 2025 Memorandum of Understanding.

Key Highlights

  • Purchase order issued: BPCL issued a purchase order to Eco Wave Power for a comprehensive site assessment study at its Marine Oil Terminals at Jawahar Deep, Mumbai.
  • Scope of assessment: Work includes preparation of a detailed site assessment and work plan, a metocean study addressing local marine conditions, and a final site assessment report.
  • Completion timeline: The work is scheduled to be completed within four months of the purchase order's issuance, according to the filing.
  • MoU origin: The purchase order implements the first phase of an MoU signed between Eco Wave Power and BPCL in 2025 during India Energy Week, signed in the presence of India's Minister of Petroleum and Natural Gas, Hardeep Singh Puri.
  • Ocean energy context: India's Ministry of New and Renewable Energy estimates approximately 40,000 MW of ocean energy potential along the country's coastline, according to the filing.
  • BPCL sustainability commitment: The filing notes that BPCL has committed to achieving Net Zero emissions by 2040.
  • Company pipeline: Eco Wave Power disclosed a project pipeline of 404.7 MW across projects planned in Portugal, Taiwan, and India.

BPCL Purchase Order Advances Mumbai Wave Energy Assessment Phase

According to the filing, BPCL issued a purchase order to Eco Wave Power for a site assessment study at its Marine Oil Terminals at Jawahar Deep in Mumbai. The company described this as the first implementation phase following the MoU signed between the two parties in 2025 at India Energy Week. The original MoU was signed by Shri Chandrasekhar N, Head (R&D) of BPCL, and Ms. Inna Braverman, Founder and CEO of Eco Wave Power, the filing states.

The assessment is intended, per the filing, "to evaluate the technical feasibility and site conditions for installing Eco Wave Power's innovative onshore wave energy technology at BPCL's existing marine infrastructure, with the objective of advancing the planned pilot installation." The scope covers three deliverables: a detailed site assessment and work plan, a metocean study addressing local marine conditions, and a final site assessment report. The work is scheduled for completion within four months of the purchase order's issuance.

Eco Wave Power's American Depositary Shares are traded on the Nasdaq Capital Market under the ticker symbol WAVE (NASDAQ:WAVE). In the filing, Inna Braverman, Founder and CEO, stated: "We are very pleased to see our collaboration with Bharat Petroleum advancing from a Memorandum of Understanding to its first concrete implementation phase." The filing also notes that Eco Wave Power operates Israel's first grid-connected wave energy power station and recently launched what it describes as "the first-ever onshore wave energy pilot station at the Port of Los Angeles, in collaboration with Shell Marine Renewable Energy." The company's filing contains forward-looking statements subject to risks and uncertainties, including those described in its Annual Report on Form 20-F for the fiscal year ended December 31, 2025, filed with the SEC on March 12, 2026.

What Was Disclosed

Eco Wave Power announced the receipt of a BPCL purchase order for a site assessment study at Mumbai's Marine Oil Terminals, representing the first implementation phase of their 2025 MoU. The assessment is scheduled for completion within four months and covers metocean and technical feasibility analysis.