October 17, 2024
Swedish Wave Energy Firm CorPower Ocean Raises €32M in Series B Round to Propel Wave Energy Innovation
Stockholm, Sweden –
CorPower Ocean, a pioneering developer of high-efficiency Wave Energy Converters (WECs), has raised €32 million in a Series B funding round. This significant investment was led by NordicNinja VC, SEB Greentech, and EIT InnoEnergy, with participation from Santander Alternative Investments, Iberis Capital, and Cisco Investments. Announced on October 16, 2024, these funds will be crucial in scaling CorPower's innovative wave energy technology, positioning it as a competitive alternative to offshore wind energy.
About CorPower Ocean: A Leader in Wave Energy Innovation
Founded in 2009, CorPower Ocean is revolutionizing wave energy with its cutting-edge technology. Its Wave Energy Converters deliver five times higher annual energy output per ton of device compared to traditional wave power solutions, positioning the company as a leader in renewable energy. CorPower’s products are currently being piloted with Iberdrola, demonstrating their capability to offer a cost-effective, sustainable energy source.
Purpose of financing
The funds raised will allow CorPower to accelerate product development, expand its market presence, and commercialize its wave energy solutions on a global scale. The company plans to use the funds to finalize product validation and initiate the first commercial installations of its wave energy technology, aiming to help reduce the world’s reliance on fossil fuels.
What the company’s official has to add
Patrik Möller, co-founder and CEO of CorPower Ocean, expressed appreciation for the investor support, stating, “This funding follows significant results from our demonstration in Portugal, where the CorPower C4 became the first commercial-scale wave device to survive major Atlantic storms while generating substantial power.” He highlighted that this financing is crucial for validating wave energy's readiness for widespread adoption and its vital role in the global energy transition.
What the investors have to comment
Tomosaku Sohara, Managing Partner at NordicNinja VC, remarked, “The CorPower Ocean team has decades of experience in wave power and exceptional skills in company building. As lead investors, we are thrilled to support CorPower Ocean, reflecting the team's accomplishments and the market's enthusiasm.”
Diego Pavia, CEO of InnoEnergy, noted, “With 500 GW of available wave energy, which is more reliable than wind and solar, wave power is crucial for delivering 24/7 green electricity and decarbonizing our systems. CorPower Ocean has proven its energy efficiency and resilience, and this funding will accelerate commercialization.”
Markus Hökfelt, Investment Director at SEB GreenTech VC, said, “CorPower Ocean boasts an exceptional team led by CEO Patrik Möller. With our support, they are poised to make wave power a reliable, cost-effective, and scalable energy source.”
Iberis Capital Partner Diogo Chalbert emphasized, “Wave energy is becoming a transformative force in renewable energy, with immense potential as a reliable and sustainable power source. We are proud to support CorPower Ocean, a recognized leader whose C4 device has shown remarkable durability, even in major storms in Portugal.”
Conclusion - A Wave of Change in Renewable Energy
CorPower Ocean is revolutionizing the renewable energy sector by tapping into the vast potential of wave energy. With strong investor support, the company is set to deliver a reliable and sustainable energy source that complements solar and wind. This innovation will play a crucial role in reducing fossil fuel reliance and advancing the global energy transition. CorPower's efforts inspire greater adoption of wave energy solutions, paving the way for a cleaner, greener future.
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