CorPower Ocean extends equity funding for wave project
Published by Sarah Smith,
Assistant Editor
Energy Global,
After securing a private placement of €9 million, CorPower has extended its equity funding to €20.3 million, enabling the commercial scale demonstration of its wave energy technology. The investment round was led by Midroc New Technology and included SEB Greentech VC, family offices and private investors. Pareto Securities acted as Sole Manager and Bookrunner in the transaction.
The €9 million investment combined with previous tranches of €9 million in July 2020 and €2.3 million in December 2018 brings total equity funding to support the demonstration of CorPower’s first commercial scale WEC in the flagship HiWave-5 project – and its long-term development of supply and service capacity for commercial wave farms to €20.3 million.
CorPower Ocean’s new generation of high-efficiency wave energy converters (WECs) are inspired by the pumping principles of the human heart. Advanced control technology allows large amounts of energy to be harvested using small, low-cost devices. A unique solution makes them resistant to storm waves, which provides survivability in the harshest ocean conditions.
The equity together with public investments from Sweden, Portugal and the EU brings the total funding secured for CorPower’s HiWave-5 programme to €38 million, supporting CorPower’s pan-European efforts in Sweden, Portugal, Ireland, Scotland and Norway.
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 CorPower’s customers.
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Read the article online at: https://www.energyglobal.com/other-renewables/24022021/corpower-extends-equity-funding-for-wave-project/
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