CorPower Ocean secures EUR 32 million Series B1 funding
In a landmark development for the wave energy sector, CorPower Ocean has secured a EUR 32 million Series B1 funding round, marking the largest single investment in its innovative wave energy technology.
This announcement, made during EIT InnoEnergy’s Business Booster event in Barcelona, underscores the growing momentum towards making wave energy a mainstream, bankable energy source.
Diverse investor consortium fuels CorPower’s growth
The investment round is led by NordicNinja VC, the largest Japanese-backed VC in Europe specialising in Deep Tech and Climate Tech, alongside SEB Greentech, the cleantech investment arm of SEB bank, and InnoEnergy. The consortium also includes Santander Asset Management, a key financer of renewable energy assets, Iberis Capital, a prominent Portuguese venture capital and private equity investor, and Cisco Investments, which has a strategic focus on using technology to help accelerate the transition to clean energy, along with existing shareholders.
Patrik Möller, co-founder and CEO of CorPower Ocean, expressed gratitude for the support and confidence from this premiere group of investors.
This financing, combined with our recent technological breakthroughs, sends a strong message about wave energy’s readiness for widescale adoption and its vital role in the global energy transition.
Patrik Möller, co-founder and CEO of CorPower Ocean
CorPower’s leadership in wave energy innovation
Harvestable and accessible wave energy resources in the world amount to 500GW, with availability and predictability way above wind and solar. As such wave energy is a must to have to supply the 24/7 green electricity, we need to decarbonise the energy and industrial system. CorPower Ocean has consistently demonstrated the energy ratings and maintainability it promised, also in harsh environments. With this financing round, we speed up the commercialisation phase.Diego Pavia, CEO at InnoEnergy
Embracing wave energy’s global momentum
Wave energy, one of the largest untapped clean energy sources, offers a potential greater than all current hydro or nuclear capacities. With significant resources along the European Atlantic, US West Coast, and other global regions, local jurisdictions like the UK and Portugal are rapidly adopting wave energy targets. The US has also proposed new measures to accelerate commercialisation and industrial development. As an early supporter of CorPower, we are pleased to witness the growing global momentum around wave energy and look forward to continuing our journey with them to harness its potential and advance the transition to a sustainable energy future.
The CorPower Ocean team combines decades of wave-power experience and world-class company building ability to unlock untouched ocean resources in Europe, the US and Japan. We are excited to support CorPower Ocean as a lead investor, and this funding round is a strong testament to the team’s achievement and the momentum from the market.Tomosaku Sohara, NordicNinja VC’s Managing Partner
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