CorPower Ocean has announced the completion of a €32 million Series B1 funding round aimed at commercializing its wave energy technology. The investment marks the company’s largest single funding to date and supports its efforts to make wave energy a mainstream, bankable energy source.
The funding round was led by NordicNinja VC, SEB Greentech, and EIT InnoEnergy, in partnership with Santander Alternative Investments, Iberis Capital, and Cisco Investments. The investment will help CorPower Ocean accelerate the roll-out of its wave energy technology, following successful trials demonstrating the device’s ability to generate power efficiently in regular ocean conditions while withstanding severe Atlantic storms.
“This announcement follows breakthrough results from our ocean demonstration in northern Portugal,” said CorPower Ocean co-founder & CEO Patrik Möller. “The CorPower C4 device became the first commercial-scale wave device to survive the largest Atlantic storms, while demonstrating significant power generation capabilities relative to its size and cost.”
The company has secured a total of €95 million in funding since its establishment in 2012 and has operations in Sweden, Norway, Portugal, and Scotland, with plans to expand to the US West Coast. CorPower’s technology addresses two key challenges that have historically hindered wave energy adoption: storm survivability and efficient power generation.
The funding will also support the development of wave farm projects, including the Saoirse Wave project in Ireland, which has secured €39.4 million in co-funding from the EU Innovation Fund. Other projects are planned along the Atlantic Arc, including in Scotland, Portugal, and Norway.
Commenting on the investment, NordicNinja VC’s Managing Partner Tomosaku Sohara said: “The CorPower Ocean team combines decades of wave-power experience with the ability to unlock untapped ocean resources in Europe, the U.S., and Japan.”
Marek Kiisa, also a Managing Partner at NordicNinja VC, added: “The technical ability CorPower Ocean has demonstrated to survive the biggest Atlantic storms has been truly impressive. Wave power will finally meet industrial expectations.”
InnoEnergy CEO Diego Pavia highlighted the importance of wave energy, stating: “Wave energy is a must-have to supply the 24/7 green electricity needed to decarbonize the energy and industrial system.”
Iberis Capital Partner Diogo Chalbert emphasized the sector’s potential: “Wave energy is emerging as a transformative force in the renewable energy landscape, and CorPower Ocean is a recognized leader with its C4 device demonstrating outstanding durability.”
Jon Koplin, Senior Director at Cisco Investments, added: “We’re excited to invest in CorPower and their wave-energy technology to complement solar and wind, creating the 24/7 renewable power needed by data centers and smart buildings worldwide.”
