EU backs CorPower’s next wave energy step with €40M grant

Swedish wave energy developer CorPower Ocean has secured a €40 million grant from the EU Innovation Fund to support the development of VianaWave, a 10 MW pre-commercial wave energy project planned off northern Portugal.

The VianaWave project will comprise 30 wave energy converters (WECs), grouped in a CorPack array, expected to generate around 30 GWh of electricity annually, which is said to be enough to power 7,500 homes. 

According to CorPower Ocean, the project aims to contribute to Portugal’s National Energy and Climate Plan (NECP) target of 200 MW of installed wave capacity by 2030.

Operations are set to begin in 2028 or 2029, building on CorPower’s HiWave-5 project, which marked the company’s transition from pilot testing to commercial deployment.

The project includes onshore infrastructure investments, such as the expansion of grid facilities in Aguçadoura and Póvoa de Varzim, and the establishment of CorPower’s operations base at the Port of Viana do Castelo.

According to CorPower, around 75% of the project’s lifetime expenditure will occur in Portugal, supporting the local supply chain and generating jobs in engineering, construction, and operations.

“This is a pivotal milestone for CorPower Ocean and the wave energy sector as a whole. VianaWave shows that wave energy is ready to scale. With strong support from the Innovation Fund and the Portuguese ecosystem, we are accelerating the transition to a sustainable, resilient energy system while delivering local economic value,” said Kevin Rebenius, Commercial Director at CorPower Ocean.

The initiative also aligns with findings from the EU-funded EVOLVE study, which estimates Portugal’s wave energy potential at 15 GW. The project is expected to strengthen local supply chains, attract additional investment, and support Portugal’s position as a clean tech hub.

CorPower Ocean’s WECs incorporate a tuning and detuning mechanism that adjusts to ocean conditions, limiting response in storms while amplifying power capture in regular waves.

The HiWave-5 project aims to commercialize wave energy by 2030, according to CorPower Ocean. It is a research and technological development project focused on deploying a full-scale WEC system off the coast of Aguçadoura.

Just recently, CorPower Ocean secured new strategic backing from Acario, the venture arm of Tokyo Gas, and GTT Strategic Ventures, part of French LNG tech group GTT, as part of its Series B funding round.