CorPower Ocean announced on Wednesday that it has successfully secured €32 million (approximately $35 million) in funding aimed at advancing the commercialization of wave energy technology. As countries explore various renewable energy sources, wave power presents a promising option due to its predictability compared to wind energy, particularly during winter when electricity demand peaks.
Despite its potential, the wave energy sector faces challenges, including high costs and a lack of large-scale commercialization. However, recent developments have shown promise, particularly after CorPower's wave technology demonstration project in Portugal demonstrated its capability to operate effectively in Atlantic storms while generating substantial power.
The funding round was led by NordicNinja VC, a venture capital firm backed by Japanese investors, along with SEB's clean technology investment arm, SEB Greentech, and InnoEnergy. Other investors in the consortium include Santander Asset Management, Iberis Capital, Cisco Investments, and existing shareholders.
Based in Sweden, CorPower Ocean has now raised a total of €95 million from both private and public investors, showcasing four generations of its technology. The company's wave energy systems are currently being utilized by project developers at sites across Scotland, Ireland, Portugal, and Norway.
