CorPower Ocean Funding News – CorPower Ocean secures EUR 32m Series

The funding round was led by Nordic Ninja VC, SEB Greentech, and EIT InnoEnergy, alongside Santander Alternative Investments, Iberis Capital, and Cisco Investments.

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At CorPower Ocean, 85 people from 22 countries are working together to provide wave energy on a large scale. In addition to operating in Sweden, Norway, Portugal, and Scotland, the company is currently growing to the US West Coast. CorPower Ocean was founded in 2012 and has since raised EUR 95 million from both public and private investors.

It has successfully demonstrated four generations of its proprietary technology, tackling the two main challenges to commercial wave energy adoption: 1. surviving storms and 2. generating power efficiently in typical ocean conditions.

CorPower Ocean co-founder & CEO Patrik Möller said, “Today’s announcement follows breakthrough results reported earlier this year from the firm’s ocean demonstration at the Aguçadoura site in northern Portugal, where the CorPower C4 became the first commercial scale wave device to successfully demonstrate the ability to survive the biggest Atlantic storms combined with a large power generation capacity with respect to the size and cost of equipment.”

Möller added, “We’re hugely grateful for the support and confidence from this premiere group of investors who bring crucial experience and capacity to support our mission to power the planet with clean electricity from ocean waves. This financing combined with the technology breakthrough recently reported delivers a firm message about wave energy’s readiness for widescale adoption and its key role in the global energy transition.”

NordicNinja VC’s Managing Partner Tomosaku Sohara explains, “The CorPower Ocean team combines decades of wave-power experience and world-class company building ability to unlock untouched ocean resources in Europe, the US and Japan. We are excited to support CorPower Ocean as a lead investor, and this funding round is a strong testament to the team’s achievement and the momentum from the market.”

InnoEnergy CEO Diego Pavia said, “Harvestable and accessible wave energy resources in the world amount to 500GW, with availability and predictability way above wind and solar. As such wave energy is a must to have to supply the 24/7 green electricity, we need to decarbonize the energy and industrial system. CorPower Ocean has consistently demonstrated the energy ratings and maintainability it promised, also in harsh environments. With this financing round, we speed up the commercialisation phase.”

Iberis Capital Partner Diogo Chalbert affirmed, “We believe wave energy is emerging as a transformative force in the renewable energy landscape, holding vast potential as a reliable and sustainable power source for the future. We are proud to support CorPower Ocean, a recognized leader in the sector, whose C4 device has demonstrated outstanding durability and reliability, even enduring several major storms in Portugal”.

Jon Koplin, Senior Director at Cisco Investments. “We’re excited to invest in CorPower Ocean and their wave-energy technology to complement solar and wind, creating 24/7 renewable power needed by data centers and smart buildings worldwide.”

Markus Hökfelt, Investment Director SEB GreenTech VC said, “This truly is an amazing team of people encompassing world leading engineering skills, know-how, determination and drive, led by a CEO in Patrik Möller with the top qualities that we look for as investors. By providing the support and funding they need, CorPower Ocean will make wave power a reliable, cost competitive and scalable energy source.”

About CorPower Ocean

CorPower Ocean designs, manufactures and operates wave energy farms for its customers. The unique design of these wave farms is inspired by the pumping principles of the human heart. Advanced control technology allows the wave energy converters to oscillate in sync with incoming waves significantly enhancing power absorption.