CorPower Ocean secures 9 million euros equity funding for breakthrough wave energy tech

Tuesday, July 28, 2020

The funding round was led by Midroc New Technology, with ​additional investment from​ ALMI Invest Greentech, EIT InnoEnergy and a group of private investors.

The Innovation

CorPower Ocean is a global leader in wave energy technology. Its new generation of high-efficiency WECs (Wave Energy Converters) is 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.

 

The Funding

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 program, will support CorPower’s pan-European efforts in Sweden, Portugal, Scotland, and Norway.

 

The Future

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 MEUR (USD 18.1m) 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.

Further Information: External Link