Swedish wave energy technology firm CorPower Ocean has been given the largest investment in its technology to date, with funding of €32 million confirmed.
The money is coming from an investor consortium including the Japanese backed venture capital firm NordicNinja VC, SEB Bank’s investment arm SEB Greentech, and InnoEnergy – a European cleantech investor.
As well as other shareholders, the consortium includes Santander Asset Management, Iberis Capital and Cisco Investments.
CorPower Ocean’s technology was installed at commercial scale for the first time just over a year ago.
The CorPower C4 device was launched in the Portuguese port of Viana do Castello, before being towed to the Aguçadoura site 4km offshore.
The device involves a composite buoy that interacts with wave motion and drives a ‘Power Take Off’ inside it, converting the mechanical energy into electricity.
The devices can be installed side by side to form larger wave farms to gigawatt scale, the company says.
“Today’s announcement follows breakthrough results reported earlier this year from the firm’s ocean demonstration at the Aguçadoura site in northern Portugal, where the CorPower C4 became the first commercial scale wave device to successfully demonstrate the ability to survive the biggest Atlantic storms combined with a large power generation capacity with respect to the size and cost of equipment,” said CorPower Ocean co-founder & CEO Patrik Möller.
“This financing combined with the technology breakthrough recently reported delivers a firm message about wave energy’s readiness for widescale adoption and its key role in the global energy transition.”
CorPower says its customers are developing projects using the technology along the Atlantic Arc, in Scotland, Ireland, Portugal and Norway.
“We believe wave energy is emerging as a transformative force in the renewable energy landscape, holding vast potential as a reliable and sustainable power source for the future,” said Iberis Capital Partner Diogo Chalbert Santos.
“Harvestable and accessible wave energy resources in the world amount to 500GW, with availability and predictability way above wind and solar,” InnoEnergy CEO Diego Pavia.
Keep up to date with the latest industry news on Maritime Journal;
https://lnkd.in/eAdd9rZ8
GenAI Solutions | VC & Angel | Accredited CFT | Impact Assessment of SDGs under UNDP | Family Office and Advisor | Corporate Innovation Index CII
1moGreat to hear about the new investment from Kibo Invest.