CorPower Ocean is establishing an R&D, manufacturing and service center for Wave Energy Converters (WEC) in Viana do Castelo in northern Portugal under a €16 million (US$18 million) investment plan.
The location was chosen to support CorPower’s flagship demonstration project HiWave-5 and for the long-term development of supply and service capacity for commercial wave energy farms. CorPower says this location offers a strong competence pool of engineers from adjacent sectors such as offshore wind, composite manufacturing and shipyards, top-level universities and industrial infrastructure including ports and grid connection.
Portugal presents an ideal environment for HiWave-5 due to its natural assets and environmental consciousness, the company says. CorPower’s work complements the Portuguese Industrial Strategy for Ocean Renewable Energies, designed to create a competitive and innovative industrial export cluster for ocean renewable energy. Additionally, grid operator REN recently installed a new offshore cable servicing floating wind, and there is significant commercial interest from utilities and project developers for next-generation wave project development.
“This is a crucial stage in our pursuit to develop a new class of high efficiency Wave Energy Converters,” says Patrik Möller, chief executive officer of CorPower. “CorPower’s goal is to successfully introduce certified and warrantied WEC products to the market by 2024, making wave energy a bankable technology that can attract mainstream renewable project finance.
“Wave energy can play a fundamental role in Portugal’s transition to 100% renewable energy, while providing a platform to drive Portuguese exports and long-term investment opportunities for local supply chains. The arrival of HiWave-5 is set to reinforce Portugal’s reputation as a world leader in renewable energy, with significant investment in people, technology and facilities.”
CorPower and port authority APDL (Administração dos Portos do Douro, Leixões and Viana do Castelo) have reached an agreement to develop the ocean energy facility within the commercial port of Viana do Castelo. It will provide space for the fabrication, assembly and servicing of commercial-scale WECs.
A spokesperson for the APDL Board said: “This project is in line with European sustainability objectives and is a considerable step towards decarbonisation and large-scale implementation of clean energy. We intend to serve as an example, for other European ports, in what regards to the utilization of existing infrastructures for similar purposes.”
CorPower Ocean brings to market a new class of high-efficiency WECs enabling robust and cost-effective harvesting of electricity from ocean waves. The design principle is inspired by the pumping principles of the human heart. CorPower says its WEC can become transparent to incoming waves, providing survivability in storm conditions.