CorPower Ocean, a pioneering Swedish leader in wave energy technology, has secured €32 million in Series B1 funding to advance the commercial rollout of its innovative wave energy solutions. This latest investment marks a significant milestone in the company’s journey to make wave energy a mainstream, bankable power source. The funding round was announced at EIT InnoEnergy’s Business Booster event in Barcelona, one of Europe’s leading sustainable energy conferences.
The round was led by NordicNinja VC, SEB Greentech, and EIT InnoEnergy, with participation from notable investors including Santander Asset Management, Iberis Capital, and Cisco Investments, as well as existing shareholders. This consortium brings together some of the most active and experienced investors in cleantech, underlining confidence in CorPower Ocean’s technology and market potential.
Advancing wave energy technology
Founded in 2009, CorPower Ocean has developed a wave energy device capable of surviving harsh storm conditions while generating power efficiently in normal ocean environments. The company’s recent trials at the Aguçadoura test site in northern Portugal demonstrated the ability of its CorPower C4 device to endure powerful Atlantic storms and produce significant energy relative to its size and cost.
CEO Patrik Möller said: “Today’s announcement follows breakthrough results reported earlier this year from the firm’s ocean demonstration at the Aguçadoura site in northern Portugal, where the CorPower C4 became the first commercial-scale wave device to successfully demonstrate the ability to survive the biggest Atlantic storms combined with a large power generation capacity with respect to the size and cost of equipment.”
NordicNinja VC’s Managing Partner Tomosaku Sohara explained: “The CorPower Ocean team combines decades of wave-power experience and world-class company building ability to unlock untouched ocean resources in Europe, the US and Japan. We are excited to support CorPower Ocean as a lead investor, and this funding round is a strong testament to the team’s achievement and the momentum from the market.”
Wave energy’s potential
Wave energy has long been seen as a largely untapped resource, with the potential to contribute to global renewable energy targets. CorPower Ocean’s technology addresses key challenges that have limited commercial viability, including survivability in extreme conditions and efficient energy generation.
Projects utilizing CorPower’s technology are underway in several locations along the Atlantic, including Scotland, Ireland, Portugal, and Norway. A notable example is the Saoirse Wave project off the coast of County Clare, Ireland, which has received EUR 39.4 million in EU co-funding and aims to explore the commercial potential of wave energy converters.
InnoEnergy CEO Diego Pavia said: “Harvestable and accessible wave energy resources in the world amount to 500GW, with availability and predictability way above wind and solar. As such wave energy is a must to have to supply the 24/7 green electricity, we need to decarbonize the energy and industrial system. CorPower Ocean has consistently demonstrated the energy ratings and maintainability it promised, also in harsh environments. With this financing round, we speed up the commercialisation phase.”
With a consistent and complementary power profile, wave energy can play a key role in stabilising the clean energy mix, helping to fill the gaps of wind and solar, supporting ambitious 24/7 carbon-free energy targets adopted by data centres worldwide. It comes amid growing demand for 24/7 clean electricity from broader industrial electricity consumers and policymakers to decarbonise and mitigate climate change.
