Photo: CorPower's half-scale C3 wave energy converter (Photo: Colin Keldie)

CorPower Ocean secures €2.3M investment boost

Swedish developer CorPower Ocean has received over €2 million from the mix of private and industrial investors to support its wave energy technology through commercial-scale demonstration until 2023.

The equity investment, part of a larger funding package targeting €45 million, was delivered by Midroc New Technology, and Almi Invest’s Greentech fund, together with InnoEnergy and a group of private investors.

According to CorPower Ocean, the secured funding will be combined with previous project funding consisting of €8.5 million from the Swedish Energy Agency, and €2.3 million from Oceanera-NET co-fund.

The announcement represents a first closing of the equity round, while the second equity funding campaign is expected to follow in 2019, CorPower Ocean informed, adding that the company is already working with industrial partners to develop the first commercial scale machines.

Patrik Möller, CEO and Co-founder of CorPower Ocean, said: “We are very pleased to add new shareholders with relevant industrial experience who share our big vision for ocean energy. CorPower has worked hard to demonstrate our technology step-by-step since 2012, and we are now looking forward taking the next step to commercial scale machines with a strengthened team.”

Göran Linder, CEO at Midroc New Technology, added: ”Our philosophy is to invest into groundbreaking technologies with inherent capacities to facilitate the shift towards sustainable energy production. We believe that the CorPower technology can play an important role in this transition.”

To remind, CorPower Ocean completed the demonstration of its half-scale C3 device earlier in 2018, having successfully verified the C3 wave energy converter at the European Marine Energy Centre (EMEC) in Orkney, and achieving the results said to support a step-change improvement in survivability and competitiveness of wave energy.