CorPower Ocean announced on that it has successfully secured €32 million ($35 million) in funding to advance the commercialization of its wave energy technology.
This significant investment comes at a time when various countries are exploring renewable energy sources, including wind and tidal power, to reduce emissions and achieve climate objectives.
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Wave energy is gaining attention for its predictability, especially compared to wind energy, as it tends to increase during winter months when electricity demand peaks.
However, challenges remain, as costs associated with wave energy technologies are still high, and the industry has not yet reached large-scale commercialization.
The funding for CorPower follows a successful demonstration project in Portugal, where its wave technology proved resilient in Atlantic storms while showcasing a robust power generation capacity.
This project has underscored the potential of wave energy as a reliable renewable power source.
The investment consortium leading this funding round includes NordicNinja VC, a Japanese-backed venture capital firm, SEB Greentech, SEB’s clean technology investment arm, and InnoEnergy.
Other investors in the consortium include Santander Asset Management, Iberis Capital, Cisco Investments, and several existing shareholders.
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Headquartered in Sweden, CorPower Ocean has raised €95 million from both private and public investors.
The company has successfully demonstrated four generations of its wave energy technology, which is currently being utilized in various projects across Scotland, Ireland, Portugal, and Norway.
This latest funding round is expected to accelerate the development and deployment of wave energy solutions, contributing to the global shift toward sustainable energy sources.