Swedish wave energy technology developer CorPower Ocean has secured up to €17.5 million in funding from the European Innovation Council (EIC) Accelerator to support commercializing its wave energy solutions.
The company noted that the funding package includes a €2.5 million grant and a €15 million pre-commitment in equity investment as part of the 2024 EIC Challenge for renewable energy and its value chain.
CorPower Ocean was among 71 companies selected from 1,211 applicants in what was described as the EIC Accelerator’s most competitive call to date.
“This significant funding from the EIC Accelerator is a validation of the groundbreaking work our team is doing in harnessing the power of ocean waves,” said Patrik Möller , CEO of CorPower Ocean.
“With this support, we can accelerate our work to bring our robust and efficient wave energy solutions to the global market, contributing to a sustainable and resilient energy future.”
According to CorPower Ocean , the company’s wave energy converters (WECs) are designed to withstand extreme offshore conditions while delivering consistent power output. The company aims to scale its technology and optimize manufacturing processes to deploy its first commercial wave farm projects with customers across Europe.
The company has also attracted private investments, with a €32 million Series B1 funding round announced in October 2024.
Just recently, CorPower Ocean and Norway-based OPS Solutions developed a pre-tension cylinder (PTC) prototype, marking a step toward reducing the cost and mass of WECs.
In December 2024, CorPower Ocean’s wave energy initiative in Portugal gained backing from the European Investment Bank (EIB) , which views the project as an “innovative solution that could revolutionize the renewable energy landscape.”