CorPower Ocean is currently working on 3 wave farm projects: VianaWave, a 10 MW wave energy farm in Northern Portugal which was awarded €40 million from the EU’s Innovation; SAOIRSE, a 5 MW farm in conjunction with ESB; and a 5 MW array deployment in Orkney, at EMEC’s Billia Croo site. Additionally, within the last year CorPower Ocean has raised €36 million in a private investment series B round and awarded up to €17.5 million from the European Innovation Council to bring their technology to a commercial level.
In total, CorPower Ocean has secured more than €115 million in funding from private and public investors having now successfully demonstrated four generations of its unique technology, addressing the two main challenges which have held back commercial adoption of wave energy: 1. storm survivability and 2. efficient power generation in normal ocean conditions.
Rémi Gruet, CEO of Ocean Energy Europe said, ‘’We are delighted to see CorPower continue to support OEE’s work. With several projects in the ocean energy pipeline, secured public funding and private finance, they are one of the clear leaders in the wave sector. I look forward to continuing working together to make commercial ocean energy a reality.’’
Patrik Möller, CEO of CorPower Ocean said: “We are proud to strengthen our partnership with Ocean Energy Europe at such a pivotal time for the sector. With multiple pre-commercial projects now underway, we are entering a decisive decade for ocean energy. By working together across industry and policy, we can establish wave power as a reliable, competitive and scalable source of clean electricity contributing to Europe’s energy security, resilience and net-zero ambitions.”
Ocean Energy Europe currently has 8 other Lead Partners: EDF, tidal developers HydroQuest, Proteus Marine Renewables, Orbital Marine Power and Spiralis Energy, Région Normandie, Wave Energy Scotland and SKF.
