CorPower Ocean Secures Funding to Accelerate Wave Energy Technology
CorPower Ocean has been making waves in the renewable energy sector with its innovative wave energy technology. The company was recently selected as a winner of the prestigious European Innovation Council (EIC) Accelerator program, receiving €2.5 million in grant funding and a pre-commitment of €15 million in equity investment, totaling €17.5 million. This funding will help accelerate the commercialization of CorPower Ocean’s wave energy technology, which has the potential to revolutionize the way we harness energy from the ocean.
The EIC Accelerator program aims to support high-impact innovations and scaleups across Europe, and CorPower Ocean was chosen as one of 71 companies from a pool of 1,211 applicants in its most competitive call to date. This selection underscores the transformative potential of CorPower Ocean’s technology and its significant impact on creating a low-cost, net-zero energy system.
CEO of CorPower Ocean, Patrik Möller, expressed his excitement about the funding, stating, “This significant funding from the EIC Accelerator is a validation of the groundbreaking work our team is doing in harnessing the power of ocean waves. With this support, we can accelerate our work to bring our robust and efficient wave energy solutions to the global market, contributing to a sustainable and resilient energy future.”
In addition to the funding from the EIC Accelerator program, CorPower Ocean has also attracted substantial private investments, including a recent €32 million Series B1 funding round announced in October 2024. This influx of funding will enable CorPower Ocean to further develop and scale its wave energy technology, bringing it one step closer to commercialization and widespread adoption.
CorPower Ocean’s innovative approach to harnessing wave energy has the potential to play a significant role in the transition to a more sustainable energy future. With the support of the EIC Accelerator program and private investors, CorPower Ocean is well-positioned to make a lasting impact on the renewable energy industry.
Sources: MarineLink