The funding includes a €2.5 million grant and a pre-commitment of €15 million in equity investment, awarded as part of the 2024 EIC Challenge for “Renewable energy resources and their whole value chain.”

CorPower Ocean was selected from a highly competitive pool of 1,211 applicants, with only 71 companies receiving funding. This achievement underscores the strength of CorPower’s technology and its potential to enhance global energy security while driving the transition to a low-carbon economy.

CorPower’s 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, optimize manufacturing processes, and support the deployment of its first commercial wave farm projects across Europe.

This latest milestone follows CorPower Ocean’s successful €32 million Series B1 funding round announced in October 2024, further cementing its position as a frontrunner in the wave energy sector.

As Europe strives to meet its climate objectives and expand its renewable energy mix, wave energy presents a vast, untapped opportunity. We are thrilled to see CorPower Ocean scale its technology as demand for renewables continues to rise to meet ambitious energy targets. We remain committed to supporting their journey towards a cleaner energy system.

“The EIC Accelerator is a highly competitive EU funding programme designed to support European deep-tech startups and SMEs with breakthrough innovations. As a long-term investor and supporter of CorPower Ocean, InnoEnergy recognises the transformative impact of its breakthrough technology in the renewable energy landscape. We are delighted to see CorPower receive this support, which will help scale its pioneering wave energy solutions,” says Magnus Lundin, Investment Director at InnoEnergy Scandinavia.

The European Innovation Council (EIC) Accelerator is a flagship funding programme of the European Union that supports high-potential startups and SMEs developing breakthrough innovations. It provides substantial financial support, combining grants with equity investments, to help businesses scale and commercialise disruptive technologies. The programme is part of Horizon Europe and focuses on deep-tech innovations that drive competitiveness, sustainability, and economic growth across the EU.

Congratulations to the entire CorPower Ocean team on this well-deserved recognition and funding!