Swedish wave energy pioneer clinched crucial €32M Series B1 funding, demonstrating investor confidence in ocean power following groundbreaking trials that weathered fierce Atlantic storms.
Swedish wave energy technology innovator, CorPower Ocean, has secured landmark funding of €32 million, marking the company’s most significant single investment and signalling a watershed moment for ocean power solutions.
The Series B1 round, spearheaded by NordicNinja VC, SEB Greentech, and EIT InnoEnergy, underscores growing market confidence in wave energy’s transition from promising technology to a mainstream power source.
The investment follows CorPower Ocean’s successful demonstration of its commercial-scale C4 device at Portugal’s Aguçadoura site. The breakthrough trials proved the technology’s dual capability to withstand extreme Atlantic storms while efficiently generating power under normal ocean conditions – solving two persistent challenges that have historically held back wave energy adoption.
Wave energy technology: A new frontier in renewable power
The global implications of this development are substantial, considering that wave energy resources could potentially generate up to 500GW of power globally – surpassing current hydro and nuclear capacity. This untapped potential, combined with wave energy’s higher predictability compared to wind and solar, positions it as a crucial component in achieving 24/7 carbon-free energy targets.
“This financing, combined with the technology breakthrough recently reported, delivers a firm message about wave energy’s readiness for wide-scale adoption and its key role in the global energy transition,” stated Patrik Möller, CorPower Ocean’s co-founder and CEO.
Transforming the clean energy landscape
The investment consortium, which includes Santander Asset Management, Iberis Capital, and Cisco Investments, brings crucial experience and capacity to accelerate the commercial rollout of wave energy technology. The funding will support CorPower Ocean’s expansion beyond its current operations in Sweden, Norway, Portugal, and Scotland, with plans to enter the US West Coast market.
The timing is particularly significant as various jurisdictions, including the UK and Portugal, rapidly adopt wave energy targets. The US has also proposed new instruments to accelerate commercialisation and industrial development in this sector.
Diego Pavia, InnoEnergy CEO, said: “Wave energy is a must-have to supply the 24/7 green electricity we need to decarbonise the energy and industrial system.” This view is particularly relevant for data centres and industrial consumers pursuing ambitious round-the-clock clean energy goals.
The company’s success is built on its unique technology, inspired by the pumping principle of the human heart, developed by a team of 85 people from 22 countries. Since its establishment in 2012, CorPower Ocean has secured €95 million in total funding and successfully demonstrated four generations of its technology.
Projects utilising CorPower Ocean’s wave energy technology are already under development along the Atlantic Arc, including sites in Scotland, Ireland, Portugal, and Norway. A notable example is the Saoirse Wave project in Ireland, developed by state-owned energy supplier ESB, which has secured €39.4 million in EU Innovation Fund co-funding.
Tomosaku Sohara, NordicNinja VC’s managing partner, said: “The technical ability CorPower Ocean has demonstrated to survive the biggest Atlantic storms has been truly impressive. Wave power will finally meet the level of industrial expectations.”
As the world seeks to diversify its renewable energy sources and achieve ambitious climate goals, CorPower Ocean’s latest funding round represents more than a financial milestone – it signals wave energy’s emergence as a viable, reliable, and increasingly attractive component of the global clean energy mix.
