CorPower Ocean Secures Strategic Backing for Wave Energy Development

Swedish wave energy developer CorPower Ocean has recently announced securing new strategic backing from Acario, the venture arm of Tokyo Gas, and GTT Strategic Ventures, part of French LNG tech group GTT, as part of its Series B funding round. This investment will further support CorPower’s efforts to scale wave energy as a bankable clean electricity source.

CorPower CEO, Patrik Möller, expressed enthusiasm about the collaboration, stating, “We are delighted to welcome GTT and Tokyo Gas via Acario as shareholders. They bring significant engineering and industrial scale-up expertise, and we are looking forward to having their support in making wave energy a mainstream energy source.”

The collaboration with Tokyo Gas and GTT aligns well with CorPower’s commercialization push. Tokyo Gas, one of Japan’s largest utilities committed to net-zero emissions by 2050, and GTT, a global leader in cryogenic containment systems for liquefied gases, bring technical and industrial alignment to the table.

Adding to the existing investors’ group, including NordicNinja VC, SEB Greentech, InnoEnergy, Cisco Investments, Santander Asset Management, and Iberis Capital, this strategic backing solidifies CorPower’s position in the wave energy sector.

“Wave energy can play a critical role in addressing key challenges of the energy transition,” commented Hélène Loncin, Head of GTT Strategic Ventures. “This investment reflects GTT’s commitment to fostering pioneering technologies that contribute to a sustainable energy future.”

Wave energy’s potential to stabilize wind and solar output, enabling 24/7 renewables with lower storage and grid requirements, has garnered significant attention globally. Compared to solar and wind-only systems, wave-inclusive mixes may reduce total installed capacity and storage needs by up to 50%.

“We are excited to join CorPower Ocean and support the goal of realizing wave energy as a stable utility scale renewable resource globally,” said Kenji Maeda, CEO of Acario. “Our participation demonstrates Acario’s dedication to supporting remarkable innovators that are building the future of energy systems.”

With the potential to undercut nuclear in cost and deployment timelines, global wave energy capacity exceeds 500 GW, positioning it as a significant player in the transition towards clean energy. CorPower aims to contribute to delivering firm, clean electricity for grids, data centers, and heavy industry.

In a recent development, CorPower Ocean signed a berth agreement to develop a 5 MW wave energy array at the European Marine Energy Centre (EMEC) in Orkney, Scotland, further solidifying its commitment to advancing wave energy technology.

Conclusion

As the world shifts towards sustainable energy sources, the support and backing received by CorPower Ocean from Tokyo Gas, GTT, and other investors highlight the growing interest in wave energy as a reliable and efficient clean power source. With ongoing developments and collaborations, wave energy is set to play a crucial role in the global energy transition, offering a promising alternative to traditional fossil fuels.