WATCH: The quest to commercialise wave energy technology

This funding is part of the 2024 EIC Challenge “Renewable energy resources and their whole value chain” under the EIC Accelerator scheme which supports high-impact innovations and scaleups across Europe. 

“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.”

Scaling-up

As the global community intensifies efforts to combat climate change, wave energy certainly presents a vast, untapped resource.

CorPower Ocean is placing itself at the forefront of this emerging sector, offering solutions that enhance energy security and support the transition to a low-carbon economy.

Its Wave Energy Converters use a pre-tension system to pull the buoy downwards. Wave swells push the buoy upwards, while the stored pressure provides return force to drive the buoy downwards.

This results in an equal energy production in both directions and a lightweight system that is naturally transparent to ocean waves (detuned) unless actively controlled.

These wave energy converters are designed to withstand the harshest ocean conditions while delivering consistent and reliable energy.

The EIC funding will enable the company to scale its technology and optimize manufacturing processes to deliver the first commercial wave farm projects that are developed by CorPower Ocean’s customers across Europe.

In this most competitive call to date, CorPower Ocean emerged as one of 71 companies selected from a pool of 1,211 applicants, underscoring the transformative potential of its technology and impact for a low cost, net-zero energy system.

The company’s innovative approach has also attracted substantial private investments, most recently with a €32 million Series B1 funding round announced in October 2024.

That money came from an investor consortium including the Japanese backed venture capital firm NordicNinja, SEB Bank’s investment arm SEB Greentech, and InnoEnergy – a European cleantech investor.

As well as other shareholders, the consortium includes Santander Asset Management, Iberis Capital and Cisco Investments.