Corpower has received €9 million ($10.9 million) in investment to scale-up its commercial demonstration of wave energy technology.
The funding round, which was led by Midroc New Technology and included SEB Greentech VC, family offices and private investors, increases the company’s equity funding to €20.3 million ($24.6 million).
The equity together with public investments from Sweden, Portugal and EU brings the total funding secured for CorPower’s HiWave-5 program to €38 million ($46.1 million). The funding is supporting CorPower’s expansion in Sweden, Portugal, Ireland, Scotland and Norway.
Corpower received tranches of €9 million in July 2020 and €2.3 million ($2.7 million) in December 2018 to support its first demonstration of wave energy technology at a commercial or large-scale level.
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.
CorPower’s 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.
Patrik Möller,CEO of CorPower Ocean said: “We are delighted 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. We welcome SEB Greentech VC and several new family offices and private investors as new shareholders in CorPower.”
Göran Linder, CEO of Midroc New Technology, adds: “We have high confidence in CorPower’s technology and the team’s ability to deliver on plan, and beyond, as demonstrated since our entry investment. We use a ‘stick-with-the-winner’ approach to our investments and are happy to continue increasing our stake in CorPower through this funding round. The next stage of development will be particularly exciting – demonstrating the technology at commercial scale. We believe this new source of clean ocean energy will play a large role in future energy systems due to its predictable and consistent power profile helping balance the intermittency of wind and solar power.”
This article was originally posted on Power Engineering International and was republished with permission.