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CorPower Ocean confirms wave energy converter funding

Published by
Energy Global,

CorPower Ocean has secured a €9 million equity funding for breakthrough wave energy tech. The funding round was led by Midroc New Technology, with additional investment from ALMI Invest Greentech, EIT InnoEnergy and a group of private investors.

CorPower C3 and green isle - photo credit Colin Keldie

CorPower Ocean specialises in wave energy technology. Its 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 transparent to storm waves, which provides survivability in the harshest ocean conditions.

Proceeds will be used to demonstrate the first commercial scale WEC within CorPower’s flagship HiWave-5 project - and for 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 programme, will support CorPower’s pan-European efforts in Sweden, Portugal, Scotland and Norway.

CorPower ops work - photo credit Colin Keldie

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 our customers.

This funding announcement comes shortly after CorPower released plans for a new €16 million (US$18.1 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.

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