$10.5m Funding for CorPower Wave Energy Tech
CorPower Ocean announced the award of $10.5m in new funding for it’s wave energy tech innovation, a funding round led by Midroc New Technology, with additional investment from ALMI Invest Greentech, EIT InnoEnergy and a group of private investors.
CorPower Ocean’s Wave Energy Converters (WECs) are inspired by the pumping principles of the human heart. According to the company, advanced control technology allows large amounts of energy to be harvested using small, low-cost devices.
Proceeds from the recent round of funding will be used to demonstrate the first commercial scale WEC within CorPower’s flagship HiWave-5 project - and for the long-term development of supply and service capacity for commercial wave energy farms.
The equity funding, which is combined with public investments that co-fund the program, will support CorPower’s pan-European efforts in Sweden, Portugal, Scotland and Norway.
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 our customers.
This funding announcement comes shortly after CorPower released plans for a new $18.1m R&D, Manufacturing and Service Centre in Viana do Castelo, Portugal. The site will become a core focus for the HiWave-5 project with a showcase pilot wave farm planned in Aguçadoura.