CorPower Ocean has secured equity funding of €9 million (US$10.6 million) to demonstrate what it says is the first commercial-scale wave energy converter (WEC) within its flagship HiWave-5 project and for the long-term development of supply and service capacity for commercial wave energy farms.
The funding round was led by Midroc New Technology, with additional investment from ALMI Invest Greentech, EIT InnoEnergy and a group of private investors.
“This funding package marks another significant milestone in the firm’s mission to introduce a new class of certified and warrantied WEC products,” said CorPower Ocean chief executive officer Patrik Möller. “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.”
CorPower Ocean’s new generation of high-efficiency 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.
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. The company says, “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) research and development, manufacturing and service center 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.
“We have supported CorPower since 2012 and are happy with progress made to this point, having proven the principles and physics of the technology at sea,” said Ingvar Eriksson, BCO of EIT InnoEnergy Scandinavia. “InnoEnergy has evaluated many ocean energy technologies and found CorPower advancing to a leading position in the race to make it a mainstream energy source. We look forward to the continued journey and are convinced that CorPower can play a significant role in the evolving sustainable energy mix and contribute to the European decarbonization targets.” EIT InnoEnergy, “the innovation engine for sustainable energy across Europe,” was established in 2010 and is supported by the European Institute of Innovation and Technology (EIT).
Midroc New Technology is the investment arm of the Midroc group, with a portfolio focused on deeptech and clean energy companies. Almi Invest is Sweden’s most active startup investor.