CorPower Ocean gets equity funding for wave energy technology

27 July 2020

CorPower C3 & Green Isle. Credit: Colin Keldie

CorPower Ocean has secured €9 million in equity funding, with the proceeds to be used to demonstrate the first commercial scale WEC (Wave Energy Converters)  within CorPower’s flagship HiWave-5 project as well as support the long-term development of supply and service capacity for commercial wave energy farms.?

The equity funding, which is combined with public investments that co-fund the program, will support CorPower’s pan-European efforts in Sweden, Portugal, Scotland and Norway.  The funding round was led by Midroc New Technology, with ?additiona l?investment from ALMI Invest Greentech, EIT InnoEnergy and a group of private investors. 

“This funding package marks another significant milestone in the firm's mission to introduce a new class of certified and warrantied WEC products,” said CorPower Ocean CEO Patrik Möller. “We are pleased to see continued strong support from investors who share our vision of bringing reliable and competitive wave energy technology to the world, unlocking one of the largest untapped sources of clean energy on earth."  

The HiWave-5 demonstration project aims to convert CorPower’s wave technology into a bankable product by 2024, by proving the survivability, performance and economics of a grid-connected array of WECs in northern Portugal. This will unlock mainstream renewable project financing for commercial array projects developed by its customers. CorPower said.

This funding announcement comes shortly after CorPower released plans for a new €16 million R&D, Manufacturing and Service Centre in Viana do Castelo, Portugal. The site will become a core focus for the HiWave-5 project with a showcase pilot wave farm planned in Aguçadoura. 

CorPower ops work. Credit: Colin Keldie

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