11:13 AM EST, 02/13/2025 (MT Newswires) -- Eco Wave Power Global ( WAVE ) said Thursday that it signed a memorandum of understanding with state-owned Bharat Petroleum for a joint development of wave energy projects in India.

The company said the deal followed Bharat Petroleum's "extensive evaluation" of wave energy technologies and is in line with the Indian government's exploration of the ocean as a renewable energy source.

Under the collaboration, Bharat Petroleum will be in charge of regulatory approvals and permits, while Eco Wave Power will provide its wave energy conversion technology, according to the statement.

Eco Wave Power Global ( WAVE ) said the collaboration's first phase will include the deployment of a 100-kilowatt pilot project at Bharat Petroleum's Mumbai Oil Terminals.

Shares of Eco Wave Power Global ( WAVE ) were up more than 3% in recent Thursday trading.

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