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CorPower Ocean has achieved a significant milestone in the wave energy industry by securing a EUR 32 million Series B1 funding round, the largest single investment to date in this innovative technology. This substantial financial infusion was announced at the Barcelona EIT InnoEnergy's Business Booster event, highlighting the sector's escalating progress towards becoming a mainstream and financially viable energy source.
The funding round was led by NordicNinja VC, a major Japanese-backed venture capital firm in Europe that focuses on Deep Tech and Climate Tech, along with SEB Greentech, the clean technology investment arm of SEB bank, and InnoEnergy. Additional support comes from Santander Asset Management, a notable financier of renewable energy projects, Iberis Capital, a leading Portuguese venture capital and private equity firm, and Cisco Investments, which strategically invests in technologies that further the clean energy transition, together with current shareholders.
Patrik Möller, co-founder and CEO of CorPower Ocean, expressed gratitude for the support and confidence from this premiere group of investors. "This financing, combined with our recent technological breakthroughs, sends a strong message about wave energy's readiness for widescale adoption and its vital role in the global energy transition," Möller stated in a press release issued today.
Since its establishment in 2012, CorPower Ocean has been at the forefront of advancing wave energy, addressing crucial challenges such as storm survivability and efficient energy production. The company operates in Sweden, Norway, Portugal, and Scotland and plans to extend its presence to the US West Coast. CorPower Ocean has demonstrated the durability and effectiveness of its technology through rigorous ocean testing. A notable breakthrough came earlier this year at the Aguçadoura site in northern Portugal, where the CorPower C4, a commercial-scale wave device, proved capable of withstanding severe Atlantic storms while delivering significant power output in proportion to its size and cost.
Diego Pavia, CEO at InnoEnergy:
"Harvestable and accessible wave energy resources in the world amount to 500GW, with availability and predictability way above wind and solar. As such, wave energy is a must to supply 24/7 green electricity, and we need to decarbonize the energy and industrial system. CorPower Ocean has consistently demonstrated the energy ratings and maintainability it promised, also in harsh environments. With this financing round, we speed up the commercialisation phase."
Tomosaku Sohara, NordicNinja VC's Managing Partner:
"The CorPower Ocean team combines decades of wave-power experience and world-class company-building ability to unlock untouched ocean resources in Europe, the US and Japan. We are excited to support CorPower Ocean as a lead investor, and this funding round is a strong testament to the team's achievement and the momentum from the market."
Wave energy, one of the largest untapped renewable resources, holds the potential to exceed all existing hydro and nuclear capacities combined. With abundant resources along the European Atlantic seaboard, the US West Coast, and other global regions, countries like the UK and Portugal are swiftly setting ambitious wave energy goals. Additionally, the US is implementing new initiatives to speed up wave energy's commercialization and industrial development. As an early supporter of CorPower Ocean, we are excited by the increasing global momentum for wave energy. We are eager to continue supporting their endeavours to unlock and capitalize on this substantial and sustainable energy source.
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