CorPower extends equity funding to 20.3 MEUR for commercial scale demonstration
CorPower Ocean is on its way to demonstrate the first commercial scale WEC in the flagship HiWave-5 project – and its long-term development of supply and service capacity for commercial wave farms
After securing a private placement of 9 MEUR, CorPower has extended its equity funding to 20.3 MEUR, 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.
This additional 9 MEUR investment combined with previous funding rounds of 9 MEUR (July 2020), and 2.3 MEUR (Dec 2018) – in which EIT InnoEnergy took part – brings total equity funding to 20.3 MEUR. This will support the demonstration of CorPower’s first commercial scale WEC in the flagship HiWave-5 project – and its long-term development of supply and service capacity for commercial wave farms.
CorPower Ocean is a global leader in wave energy technology supported by EIT InnoEnergy since 2012. Its new generation of high-efficiency Wave Energy Converters (WECs) are inspired by the pumping principles of the human heart. Advanced control technology allows large amounts of energy to be harvested using small, low-cost devices. A unique solution makes them resistant to storm waves, which provides survivability in the harshest ocean conditions.
The equity together with public investments from Sweden, Portugal and EU brings the total funding secured for CorPower’s HiWave-5 programme to 38 MEUR, supporting CorPower’s pan-European efforts in Sweden, Portugal, Ireland, Scotland and Norway.
Patrik Möller, CEO of CorPower Ocean said: “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.”
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.