CorPower Ocean Secures Up to €17.5M from EIC Accelerator to Propel Wave Energy Innovation

Image Credit: CorPower

Swedish wave energy pioneer CorPower Ocean has secured up to €17.5 million from the European Innovation Council (EIC) Accelerator, marking a significant milestone in the push toward commercializing wave energy solutions. This funding package includes a €2.5 million grant alongside a €15 million pre-committed equity investment, awarded under the 2024 EIC Challenge for renewable energy innovation.

CorPower Ocean stood out among 1,211 applicants, securing a spot as one of only 71 selected companies in what the EIC Accelerator described as its most competitive funding round to date. The company’s Wave Energy Converters (WECs) are engineered to withstand extreme offshore conditions while delivering consistent, high-efficiency power output, making them a promising contender in the future of ocean energy.

“This significant funding from the EIC Accelerator is a validation of the groundbreaking work our team is doing in harnessing the power of ocean waves,” said Patrik Möller, CEO of CorPower Ocean. 

“With this support, we can accelerate our work to bring our robust and efficient wave energy solutions to the global market, contributing to a sustainable and resilient energy future.”

The EIC funding will support CorPower’s efforts to scale its technology, enhance manufacturing processes, and deploy its first commercial wave farm projects across Europe. The company’s momentum has also attracted private investors, with a €32 million Series B1 funding round announced in October 2024, further reinforcing its commercialization strategy.

Beyond funding, CorPower Ocean is advancing its wave energy technology through strategic partnerships. Recently, it collaborated with Norway-based OPS Solutions to develop a pre-tension cylinder (PTC) prototype, a breakthrough aimed at reducing the cost and mass of WEC systems.

Meanwhile, CorPower’s wave energy initiative in Portugal has gained backing from the European Investment Bank (EIB), which hailed the project as an “innovative solution that could revolutionize the renewable energy landscape.”