At InnoEnergy, we don’t invest to follow trends – we invest to build what the energy transition needs next. Why We Invested series explores the rationale behind our portfolio choices, highlighting the companies we back, the role they play in transforming our energy systems and supporting industrial transformation in Europe and beyond.
The untapped potential of wave energy
With vast amounts of power continuously surging through waves, the ocean is one of the Earth’s most abundant and untapped energy sources. By harnessing the consistent power flow, wave energy has the potential to account for 10% of global electricity demand. The right technology could play a critical role in pioneering wave energy supply and stabilising the renewable energy mix.
Despite the wave energy market’s infancy, these technologies have already been likened to nuclear, with estimates revealing that the industry could produce up to 2,800 TWh per year, which would surpass current global nuclear production by 107.6%. This immense opportunity is further explained by InnoEnergy’s Co-founder and Innovation Director, Elena Bou, who discussed its potential to transform the energy landscape in a Forbes article.
InnoEnergy’s focus on wave energy began when we recognised the growing need for clean, stable renewable power. With rapid electrification underway and an increased reliance on intermittent renewable energy sources, utilities face unprecedented challenges in balancing grid loads. Navigating these complex challenges comes at a time when global power consumption is expected to accelerate at the fastest pace in years, rising by 3,500 TWh by 2027. Driven by the rise of AI and data centre expansion, an uptick in industrial manufacturing, and an increasing need for air conditioning and general electrification, we need scalable solutions to meet this energy demand more than ever.
Breakthrough technology built for real-world conditions
This is where CorPower Ocean stands out. The company is addressing some of the industry’s toughest challenges that have historically hindered the adoption of wave technologies. Their unique design approach is inspired by the pumping mechanism of the human heart and uses stored pressure from wave swells to propel the lightweight buoys into motion, generating electricity. Their durable, composite construction and advanced tuning technology allow CorPower Ocean’s devices to adapt to ocean conditions; surviving the force of harsh ocean storms and delivering 5-10x more energy per tonne compared to previous state-of-the-art technologies in normal conditions.
In 2024, CorPower Ocean demonstrated the resilience of its design in its first commercial-scale deployment in the Atlantic, supplying power to the Portuguese grid. Their C4 devices withstood four major storms, remaining stable amid 18m (60ft) waves and achieving what no other technology has managed so far. Building on this success, and with strong support from the Portuguese authorities, CorPower is now developing a 10MW wave farm off northern Portugal, backed by the EU innovation Fund. Together, these milestones signal the industry that wave energy is ready to become a core part of the global clean power mix.
A scalable platform for cost-competitive growth
In addition to their proven technology, what sets the CorPower Ocean team apart even further is their business acumen. They understand that cost remains a barrier to scaling wave energy and have demonstrated their ability to think strategically about partnerships with utilities and customers to deliver clean, firm power at scale and a competitive cost. Their modular approach to deploying high-density wave farm clusters or “CorPaks” is efficient for industrial rollouts, driving down the economies of scale to promote wider adoption.
We are excited to be backing this next wave of clean firm power and supporting CorPower Ocean’s growth as they lead the way in wave energy innovation. With their groundbreaking technology, proven real-world success, and strategic approach to scaling, CorPower Ocean is uniquely positioned to deliver the stability essential for a future powered by renewable energy.
The ocean’s energy is waiting to be harnessed, and with CorPower Ocean, we are closer than ever before.
