CorPower Ocean Secures €17.5 Million Funding from EIC Accelerator
Swedish wave energy technology developer CorPower Ocean has recently announced a significant milestone in its journey towards commercializing wave energy solutions. The company has secured up to €17.5 million in funding from the European Innovation Council (EIC) Accelerator, with a €2.5 million grant and a €15 million pre-commitment in equity investment.
This funding comes as part of the 2024 EIC Challenge for renewable energy and its value chain, where CorPower Ocean was one of 71 companies selected out of 1,211 applicants, making it the most competitive call to date for the EIC Accelerator.
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.”
Wave Energy Converters Designed for Efficiency
CorPower Ocean’s wave energy converters (WECs) are known for their ability to withstand extreme offshore conditions while delivering consistent power output. The company’s focus is on scaling its technology and optimizing manufacturing processes to deploy commercial wave farm projects across Europe.
In addition to the funding from the EIC Accelerator, CorPower Ocean recently closed a €32 million Series B1 funding round, showing strong support from private investors.
Furthermore, the company collaborated with Norway-based OPS Solutions to develop a pre-tension cylinder (PTC) prototype, a significant advancement in reducing the cost and mass of WECs.
European Investment Bank Backing for Wave Energy Initiative
In December 2024, CorPower Ocean’s wave energy initiative in Portugal received backing from the European Investment Bank (EIB). The EIB sees the project as an innovative solution that could revolutionize the renewable energy landscape and contribute to a more sustainable future.
With this latest funding and support, CorPower Ocean is well-positioned to continue making strides in the wave energy industry and pave the way for a cleaner and more efficient energy future.