CorPower Extends Equity Funding for Commercial Scale Demo
After securing a private placement of 9 million Euros, CorPower has extended its equity funding to 20.3 million Euros, for the commercial scale demonstration of its wave energy technology. The investment round was led by Midroc New Technology and included SEB Greentech VC, family offices and private investors. Pareto Securities acted as Sole Manager and Bookrunner in the transaction.
The 9 million Euro investment combined with previous tranches of 9 million Euros in July 2020 and 2.3 million Euros in December 2018 brings total equity funding to support the demonstration of CorPower’s first commercial scale WEC in the flagship HiWave-5project - and its long-term development of supply and service capacity for commercial wave farms to 20.3 million Euros.
The equity together with public investments from Sweden, Portugal and EU brings the total funding secured for CorPower’s HiWave-5 program to 38 million Euro, supporting CorPower’s pan-European efforts in Sweden, Portugal, Ireland, Scotland and Norway.
“We are delighted to see continued strong support from investors who share our vision of bringing reliable and competitive wave energy technology to the world, unlocking one of the largest untapped sources of clean energy on earth. We welcome SEB Greentech VC and several new family offices and private investors as new shareholders in CorPower," said Patrik Möller, CEO of CorPower Ocean.
The HiWave-5 demonstration project aims to convert CorPower’s wave technology into a bankable product by 2024, by proving the survivability, performance and economics of a grid-connected array of WECs in northern Portugal. This will unlock mainstream renewable project financing for commercial array projects developed by CorPower’s customers.