CorPower invests in wave energy project in northern Portugal

8 July 2020

CorPower Ocean is investing €16 million into a R&D, Manufacturing & Service Centre for Wave Energy Converters in Viana do Castelo, northern Portugal, with the location chosen to support CorPower’s flagship demonstration project HiWave-5, and for the long-term development of supply and service capacity for commercial wave energy farms. 

Several factors have contributed to choosing Viana do Castelo for this investment, said CorPower. A strong competence pool of engineers from adjacent sectors such as offshore wind, composite manufacturing and shipyards, top level universities and industrial infrastructure including ports and grid connection allows effective upscaling of operations in the region.   Portugal also presents an ideal environment for HiWave-5 due to its natural assets and environmental consciousness. 

Grid operator REN recently installed a new offshore cable servicing floating wind, and there is significant commercial interest from utilities and project developers for next generation wave project development.

“This is a crucial stage in our pursuit to develop a new class of high efficiency Wave Energy Converters," said Patrik Möller, CEO of CorPower Ocean. “CorPower’s goal is to successfully introduce certified and warrantied WEC products to the market by 2024, making wave energy a bankable technology that can attract mainstream renewable project finance.

“Wave energy can play a fundamental role in Portugal’s transition to 100% renewable energy, while providing a platform to drive Portuguese exports and long-term investment opportunities for local supply chains. The HiWave-5 program is recognised as one of the most ambitious efforts in ocean energy. The arrival of HiWave-5 is set to reinforce Portugal’s reputation as a world-leader in renewable energy, with significant investment in people, technology and facilities.” 

CorPower and port authority APDL - Administração dos Portos do Douro, Leixões and Viana do Castelo - have reached an agreement to develop the ocean energy facility within the commercial port of Viana do Castelo. It will provide space for the fabrication, assembly and servicing of commercial scale wave energy converters.

CorPower will be contributing to the local blue tech cluster and maritime related value chains. Around 15 highly qualified engineering jobs are planned for the next three years, covering composite design and manufacturing, mechanical, electrical, control and marine operations. The first of these job vacancies can be viewed here.



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