The investment round is led by NordicNinja VC, the largest Japanese-backed VC in Europe specializing in Deep Tech and Climate Tech, alongside SEB Greentech, the cleantech investment arm of SEB bank, and InnoEnergy. The consortium also includes Santander Asset Management, a key financer of renewable energy assets, Iberis Capital, a prominent Portuguese venture capital and private equity investor, and Cisco Investments, which has a strategic focus on using technology to help accelerate the transition to clean energy, along with existing 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 founding in 2012, CorPower Ocean has led the way in wave energy innovation, tackling key challenges like storm survivability and efficient power generation. With operations in Sweden, Norway, Portugal, and Scotland, and plans to expand to the US West Coast, the company has proven the robustness and efficiency of its technology through successful ocean trials. Today’s announcement builds on the groundbreaking results from earlier this year at the Aguçadoura site in northern Portugal, where the CorPower C4 became the first commercial-scale wave device to withstand the largest Atlantic storms while delivering substantial power generation relative to its size and cost.

“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 have to supply the 24/7 green electricity, 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.”

“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 clean energy sources, offers a potential greater than all current hydro or nuclear capacities. With significant resources along the European Atlantic, US West Coast, and other global regions, local jurisdictions like the UK and Portugal are rapidly adopting wave energy targets. The US has also proposed new measures to accelerate commercialization and industrial development. As an early supporter of CorPower, we are pleased to witness the growing global momentum around wave energy and look forward to continuing our journey with them to harness its potential and advance the transition to a sustainable energy future.

 

For more information, read CorPower Ocean press release.