Ocean waves represent an underdeveloped source of renewable energy. Sweden-based CorPower Ocean is building ocean-based power projects that deploy buoys in the ocean, and convert their movement to electricity. The company closed a €53 million ($61.7 million) Series B round after a top up from the European Innovation Council’s EIC Fund and €3 million from London-based Algebris Investments.
“Wave energy has long been an under-leveraged piece of the clean energy puzzle,” Algebris’ Stefano Ferrari said. Other investors in the round include Acario; the corporate venture capital arm of Tokyo Gas; and GTT Strategic Ventures, the venture arm of French gas company GTT Group.
Energy transition
It took a significant amount of grant support to help CorPower prove its technology and reach this phase of growth. It set up its pre-commercial, 10-megawatt wave energy farm off the coast of northern Portugal with a €40 million grant from the EU Innovation Fund last year. It also received a €17.5 million grant from the EIC Accelerator and a €19 million grant through Horizon Europe to set up wave farms in the UK.
Prior investors include Finland-based NordicNinja VC, SEB Bank’s climate tech investment group, and InnoEnergy. Separately, Oregon-based Panthalassa, another ocean wave energy company, raised $140 million in Series B financing led by Peter Thiel to develop wave farms to power AI data centers.
