CorPower Ocean has announced a significant boost for its wave energy technology, securing $34 million in Series B1 funding—the largest single investment to date in the company’s history.
The funding round was spearheaded by NordicNinja VC, a Japan-backed venture capital firm focused on deep tech and climate solutions, along with SEB Greentech, the cleantech investment arm of SEB Bank, and European investor InnoEnergy. The investment consortium also includes prominent firms such as Santander Asset Management, Iberis Capital, and Cisco Investments, alongside existing shareholders.
“This announcement follows breakthrough results from our ocean demonstration at the Aguçadoura site in northern Portugal, where our CorPower C4 device became the first commercial-scale wave technology to successfully endure major Atlantic storms while generating substantial power relative to its size and cost,” stated CorPower Ocean co-founder and CEO Patrik Möller.
Established in 2012, CorPower Ocean operates in Sweden, Norway, Portugal, and Scotland, with plans to expand to the U.S. West Coast. The company has raised a total of €95 million (approximately $103 million) from both private and public investors, showcasing four generations of its wave energy technology.
Several wave farm projects utilizing CorPower’s technology are underway along the Atlantic Arc, particularly in Scotland, Ireland, Portugal, and Norway. One notable project is the Saoirse Wave initiative, being developed by Ireland’s state-owned energy supplier, ESB, off the coast of County Clare. This pre-commercial phase will incorporate CorPower Ocean’s wave energy converters (WECs) as part of a CorPack cluster, with €39.4 million ($43 million) in co-funding secured from the EU Innovation Fund.
In February, CorPower Ocean’s C4 WEC completed its first cycle of ocean commissioning at the Aguçadoura site. The device has demonstrated its capability to adapt to varying sea conditions, effectively managing extreme storm waves (up to 18.5 meters) while optimizing power capture in regular wave scenarios through innovative phase control technology.
This achievement signifies a crucial milestone for the wave energy sector, addressing key challenges related to survivability and efficient power generation in typical ocean conditions. CorPower Ocean views this progress as a strong indicator of wave energy’s readiness for widespread adoption.
Earlier this year, representatives from Enlit visited CorPower Ocean’s test site in Viana do Castelo to gain insights into the technology, the lessons learned throughout its development, and the advantages of Portugal as a testing ground for wave energy innovations.
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