CorPower Ocean has received $10.6 million in equity funding. The funding round was led by Midroc New Technology, with additional investment from ALMI Invest Greentech, EIT InnoEnergy, and a group of private investors.
Courtesy of CorPower
Proceeds will be used to demonstrate the first commercial scale WEC within CorPower’s flagship HiWave-5 project - and for the long-term development of supply and service capacity for commercial wave energy farms.
The equity funding, which is combined with public investments that co-fund the program, will support CorPower’s pan-European efforts in Sweden, Portugal, Scotland and Norway.
Patrik Möller,CEO of CorPower Ocean, said, “This funding package marks another significant milestone in the firm’s mission to introduce a new class of certified and warrantied WEC products. 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.”
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. This will unlock mainstream renewable project financing for commercial array projects developed by the company's customers.
This funding announcement comes shortly after CorPower released plans for a new $18.1million R&D, Manufacturing and Service Centre 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.
Markus Hökfelt of ALMI Invest Greentech, said, “We see wave energy as a key technology in the transition to a 100% renewable electricity system. Wave energy can become a balancing source that enables high penetration of renewables with the lowest possible system cost.”
CorPower Ocean is a global leader in wave energy technology. Its new generation of high-efficiency WECs (Wave Energy Converters) 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.