CorPower Ocean takes leading role at Ocean Energy Europe

Wave energy developer CorPower Ocean has stepped up its support for Ocean Energy Europe (OEE), a network of ocean energy professionals, taking on the role of Lead Partner, according to OEE.

CEO of CorPower Ocean Patrik Moller will continue to represent the company on the OEE Board of Directors, where he currently serves as an elected co-president.

CorPower Ocean is advancing three wave farm projects: the 10 MW VianaWave farm in northern Portugal, which secured €40 million from the EU’s Innovation Fund; SAOIRSE, a 5 MW project in collaboration with ESB; and a 5 MW array at the European Marine Energy Centre (EMEC) in Orkney.

Over the past year, the company has raised €36 million through a private Series B round and received up to €17.5 million from the European Innovation Council to progress its technology towards commercial readiness.

“We are proud to strengthen our partnership with Ocean Energy Europe at such a pivotal time for the sector. With multiple pre-commercial projects now underway, we are entering a decisive decade for ocean energy,” Moller said.

“By working together across industry and policy, we can establish wave power as a reliable, competitive and scalable source of clean electricity contributing to Europe’s energy security, resilience and net-zero ambitions.”

In total, CorPower Ocean has secured more than €115 million in combined public and private funding. The company said it has successfully demonstrated four generations of its wave energy technology, addressing two key barriers to commercialisation: storm survivability and efficient power generation under normal sea conditions.

Rémi Gruet, CEO of Ocean Energy Europe, said: “We are delighted to see CorPower continue to support OEE’s work. With several projects in the ocean energy pipeline, secured public funding and private finance, they are one of the clear leaders in the wave sector. I look forward to continue working together to make commercial ocean energy a reality.”

OEE currently lists eight other Lead Partners: EDF, tidal developers HydroQuest, Proteus Marine Renewables, Orbital Marine Power, and Spiralis Energy, as well as Région Normandie, Wave Energy Scotland, and SKF.

A recent case study from Swedish wave energy developer CorPower Ocean showed the role of wave energy in achieving the lowest-cost 24/7 clean energy in northern Scotland. According to CorPower Ocean, wave energy consistently reduces system costs, installed capacity, and storage requirements across scenarios for 2032, 2040, and 2050.