CorPower Ocean’s Wave Energy Project in Portugal Receives EIB Backing
Swedish company CorPower Ocean’s wave energy initiative in Portugal has gained backing from the European Investment Bank (EIB), which views the project as an “innovative solution that could revolutionize the renewable energy landscape.”
According to CorPower Ocean, the EIB is providing the company with advisory assistance for capital structuring, preparation of fundraising materials, and the development of financial models to streamline the fundraising process.
Driving Innovation in Renewable Energy
EIB noted that CorPower Ocean’s project stands out for its ability to provide a continuous and reliable energy supply, leveraging the natural and consistent movement of ocean waves. This initiative is positioned as a key player in diversifying the global renewable energy portfolio.
Complementing Existing Renewable Systems
By tapping into wave energy, the project aims to complement existing solar, wind, and hydropower systems, addressing intermittency challenges faced by these renewable sources.
Proven Survivability and Expansion
The survivability of CorPower Ocean’s C4 wave energy converter (WEC) has been verified through weathering multiple storms, demonstrating the ability to resume operations and export power to the grid after each event. In partnership with SwitcH2, CorPower Ocean is working on an industrial-scale floating green ammonia production facility partially powered by wave energy.
Financial Milestones
In December, CorPower Ocean secured €32 million in Series B1 funding, marking the largest single investment in its wave energy technology.