Sweden’s CorPower Ocean, a specialist in advanced wave energy technology, has closed a new funding round led by Midroc New Technology, raising a total of EUR 9 million in new equity from investors including ALMI Invest Greentech, EIT InnoEnergy and other private sources.
CorPower’s technology is based on high-efficiency wave energy converters (WEC) with advanced control technology enabling large amounts of energy to be generated by relatively small, low-cost devices. Their design makes them transparent to storm wavers, ensuring good survivability characteristics in harsh conditions.
The new funds will be used to demonstrate the first commercial wave energy conversion facility at CorPower’s flagship HiWave-5 project in Portugal where the company plans to demonstrate the viability of a series of grid-connected WECs off the coast. It will also be used to support the long-term development of supply and service capacity for commercial wave energy farms. Together with other public investment, the company intends to support other projects in Sweden, Scotland and Norway.
“This funding package marks another significant milestone in the firm’s mission to introduce a new class of certified and warrantied WEC products,” said Patrik Möller, CorPower CEO. “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.”