CorPower Ocean has secured €32 million in Series B1 funding to advance its wave energy technology, aiming to position wave energy as a mainstream, bankable energy source. The investment round, led by NordicNinja VC, SEB Greentech, and EIT InnoEnergy, also included notable participation from Santander Alternative Investments, Iberis Capital, and Cisco Investments. This funding will support the commercial rollout of CorPower’s wave energy converters (WEC), following the successful deployment of its C4 device, which survived significant Atlantic storms and demonstrated efficient power generation capabilities.
The investment announcement, made during EIT InnoEnergy’s Business Booster event in Barcelona, marks a significant milestone for CorPower Ocean, which has developed a point absorber WEC technology that can adapt to wave conditions. This adaptive capability is key to overcoming two major challenges that have historically hindered wave energy’s commercialisation—storm survivability and consistent power generation in normal ocean conditions.
CorPower Ocean’s C4 WEC, which was deployed off the coast of Aguçadoura, Portugal in 2023, is a full-scale commercial prototype. The device successfully generated power despite facing extreme weather conditions, including waves as high as 18.5 meters. This follows years of development and testing, including the earlier C3 prototype tested at the European Marine Energy Centre (EMEC) in Orkney, Scotland.
Wave energy, though widely regarded as one of the most promising sources of renewable energy, faces several technical and environmental challenges. These include the need for devices to withstand harsh ocean environments and significant wave forces, the high costs of developing and deploying infrastructure, and the technical complexities of converting wave energy into electricity efficiently. Furthermore, wave energy’s environmental impacts, such as potential disruptions to marine ecosystems and navigation hazards, must also be addressed before large-scale adoption can occur.
Despite these hurdles, CorPower Ocean’s recent breakthroughs signal progress towards resolving some of these issues. The company’s patented WaveSpring technology, inspired by the human heart’s pumping principle, allows its WECs to tune their motion to ocean conditions, improving both energy capture and survivability. This innovation, combined with the company’s bespoke UMACK anchoring system, is seen as a step forward in making wave energy viable for commercial energy production.
CorPower Ocean, founded in 2012 and headquartered in Stockholm, has operations in Sweden, Norway, Portugal, and Scotland, and is expanding into the US market. The company has secured a total of €95 million in funding, including support from public and private investors. Its goal is to establish wave energy as a key component of the global renewable energy mix, complementing wind and solar to provide more consistent, 24/7 renewable energy.
Investors are optimistic about wave energy’s potential. NordicNinja VC’s managing partner, Tomosaku Sohara, highlighted the unique combination of experience and innovation within the CorPower team, while InnoEnergy CEO Diego Pavia emphasised wave energy’s importance in meeting global decarbonisation goals. According to Pavia, wave energy offers more predictability and availability than wind and solar, making it an essential part of the future energy mix.
Wave energy remains a largely untapped resource, with vast potential along the Atlantic coastlines of Europe, the Pacific coast of the US, and regions in South America, Africa, and Asia. However, the industry must continue to address technical and logistical challenges to become a commercially viable energy source. With CorPower Ocean’s latest advancements, the path to scaling up wave energy projects is becoming clearer.