CorPower Ocean, a developer of wave energy technology, has added two new strategic investors to its Series B funding round: Acario, the venture arm of Tokyo Gas, and GTT Strategic Ventures, the investment fund of France-based engineering group GTT.
The companies join an investor group that already includes NordicNinja VC, SEB Greentech, InnoEnergy, Cisco Investments, Santander Asset Management, and Iberis Capital. This round builds on CorPower Ocean’s earlier €32 million Series B1 raise and is aimed at advancing the company’s commercial rollout.
Tokyo Gas is one of Japan’s largest energy utilities, supplying energy to about 13 million customers and operating more than 4 million electricity accounts. Through Acario, it invests in technologies focused on decarbonization, energy resilience, and optimization. GTT Group specializes in cryogenic technology used in liquefied gas transport and storage, including LNG. Its investment arm backs companies aligned with the energy transition and clean tech sectors.
Patrik Möller, CEO and co-founder of CorPower Ocean, said: “We are delighted to welcome GTT and Tokyo Gas via Acario as shareholders. They bring significant engineering and industrial scale-up expertise, and we are looking forward to having their support in making wave energy a mainstream energy source. The potential of co-locating CorPack wave arrays with offshore wind and solar installations around the world to enable 24/7 clean power is a major opportunity that we are excited to develop together with strong partners.”
Hélène Loncin, Head of GTT Strategic Ventures, added: “We are proud to support CorPower Ocean in its mission to unlock the vast potential of wave energy. As a clean, ocean-based power source, wave energy can play a critical role in addressing key challenges of the energy transition – from ensuring the availability of green electricity to enabling local production and supporting grid balancing. This investment reflects GTT’s commitment to fostering pioneering technologies that contribute to a sustainable energy future.”
Kenji Maeda, CEO of Acario, commented: “We are excited to join CorPower Ocean and support the goal of realizing wave energy as a stable utility scale renewable resource globally. The ocean demonstrates incredible potential to meet the world’s rapidly growing need for clean energy and energy security. CorPower Ocean is in a unique position to fulfil this opportunity by delivering high-capacity factor clean power at an affordable cost – with high reliability. Our participation demonstrates Acario’s dedication to supporting remarkable innovators that are building the future of energy systems.”
Wave energy is being increasingly recognized as a complement to solar and wind, helping stabilize renewable energy output and reduce the need for overbuilt grid infrastructure and energy storage. Studies suggest that systems incorporating wave energy may require up to 50% less storage and transmission capacity compared to those relying solely on solar and wind.
The UK recently reaffirmed its interest in the sector with the formation of a Marine Energy Taskforce, backed by the Crown Estate and Crown Estate Scotland, aimed at advancing the country’s 25 GW wave and 11 GW tidal resource through a new strategic roadmap.
Wave energy is also forecast to be cost-competitive with nuclear at scale, with shorter deployment timelines. Global wave energy potential is estimated at over 500 GW – comparable to the total installed capacity of hydropower or nuclear energy.
With fossil fuels still accounting for more than 80% of global energy use, companies and governments are under pressure to deploy 24/7 clean energy solutions. CorPower Ocean positions wave energy as a viable, firm, renewable power source that can support critical sectors including heavy industry, national grids, and data centers.
