CorPower Ocean has been awarded up to €17.5 million in funding from the European Innovation Council (EIC) Accelerator program to support the commercialization of its wave energy technology. The company will receive €2.5 million in grant funding and a pre-commitment of €15 million in equity investment.
The funding is part of the 2024 EIC Challenge focused on “Renewable energy resources and their whole value chain.” CorPower Ocean was selected as one of 71 companies out of 1,211 applicants. The funding aims to help the company scale its technology and advance the development of wave energy as a reliable and low-cost energy solution.
“This significant funding from the EIC Accelerator is a validation of the groundbreaking work our team is doing in harnessing the power of ocean waves,” said Patrik Möller, CEO of CorPower Ocean. “With this support, we can accelerate our work to bring our robust and efficient wave energy solutions to the global market, contributing to a sustainable and resilient energy future.”
CorPower Ocean’s wave energy converters are designed to withstand challenging ocean conditions and provide consistent energy. The funding will assist in scaling the technology and optimizing manufacturing processes, supporting the company’s efforts to deliver its first commercial wave farm projects in Europe.
In addition to the EIC Accelerator funding, CorPower Ocean secured a €32 million Series B1 investment in October 2024, further boosting its financial position.
