Wave energy picks up pace as CorPower Ocean lands two new investors

Swedish wave energy developer CorPower Ocean has 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.

The investment builds on CorPower’s earlier €32 million Series B1 raise, supporting efforts to scale wave energy as a bankable clean electricity source.

“We are delighted to welcome GTT and Tokyo Gas via Acario as shareholders. They bring significant engineering and industrial scale-up expertise, and we are looking forward to having their support in making wave energy a mainstream energy source,” said CorPower CEO Patrik Möller.

“The potential of co-locating CorPack wave arrays with offshore wind and solar installations around the world to enable 24/7 clean power is a major opportunity that we are excited to develop together with strong partners.”

Both Tokyo Gas and GTT are said to bring technical and industrial alignment to CorPower’s commercialization push. Tokyo Gas is one of Japan’s largest utilities, supplying energy to around 13 million customers, and has committed to net-zero emissions by 2050.

GTT is a global leader in cryogenic containment systems for liquefied gases and is expanding its role in the energy transition through its venture arm.

They join existing investors, including NordicNinja VC, SEB Greentech, InnoEnergy, Cisco Investments, Santander Asset Management, and Iberis Capital.

“We are proud to support CorPower Ocean in its mission to unlock the vast potential of wave energy,” added Hélène Loncin, Head of GTT Strategic Ventures.

“As a clean, ocean-based power source, wave energy can play a critical role in addressing key challenges of the energy transition – from ensuring the availability of green electricity to enabling local production and supporting grid balancing. This investment reflects GTT’s commitment to fostering pioneering technologies that contribute to a sustainable energy future.”

Wave energy is gaining attention as a firm clean power source. The UK recently launched a new Marine Energy Taskforce, led by Energy Minister Michael Shanks, backed by the Crown Estate and Crown Estate Scotland. The initiative aims to unlock 25 GW of wave and 11 GW of tidal capacity through targeted actions in site development, finance, innovation, and supply chains.

CorPower says wave energy’s consistent profile helps stabilise wind and solar output, enabling 24/7 renewables with lower storage and grid requirements. Compared to solar and wind-only systems, wave-inclusive mixes may cut total installed capacity and storage needs by up to 50%.

“We are excited to join CorPower Ocean and support the goal of realizing wave energy as a stable utility scale renewable resource globally,” said Kenji Maeda, CEO of Acario.

“The ocean demonstrates incredible potential to meet the world’s rapidly growing need for clean energy and energy security. CorPower Ocean is in a unique position to fulfil this opportunity by delivering high-capacity factor clean power at an affordable cost – with high reliability. Our participation demonstrates Acario’s dedication to supporting remarkable innovators that are building the future of energy systems.”

At scale, wave energy is also expected to undercut nuclear in cost and deployment timelines. Global wave energy potential exceeds 500 GW, comparable to total installed nuclear or hydropower capacity, according to the Swedish wave energy developer.

As fossil fuels still meet over 80% of global energy demand, CorPower positions wave energy as an important part of delivering firm, clean electricity for grids, data centres, and heavy industry.

In May, CorPower Ocean signed a berth agreement to develop a 5 MW wave energy array at the European Marine Energy Centre (EMEC) in Orkney, Scotland.