The global push for renewable energy sources has brought significant innovations in harnessing natural resources.
Among renewable sources, wave energy stands out as a clean and abundant resource with immense potential. One of the pioneering companies in this field is CorPower Ocean, an EIT InnoEnergy-backed start-up that is redefining wave energy conversion with cutting-edge technology.
The Birth of CorPower Ocean
Founded in 2009 by Dr. Stig Lundbäck, CorPower Ocean is a swedish start-up operating in Europe. Iinspired by an unconventional source, Dr. Lundbäck, a medical expert with three decades of experience in high-efficiency pumping systems, applied his knowledge to the development of wave energy technology. His vision materialized in the form of a unique buoy that oscillates in resonance with sea waves, maximizing energy extraction and conversion. CorPower Ocean is currently working on two main projects in Portugal and Ireland.
The Role of EIT InnoEnergy
EIT InnoEnergy has been instrumental in CorPower Ocean's growth, helping assemble a skilled team with expertise in energy generation, system design, manufacturing, and engineering. Additionally, EIT InnoEnergy has provided market insights, networking opportunities, and financial support, enabling CorPower Ocean to transform its groundbreaking technology into viable renewable energy applications.
Innovative Technology: A Game-Changer in Wave Energy
At the core of CorPower Ocean’s Wave Energy Converter (WEC) lies a sophisticated control system equipped with advanced algorithms. This system optimizes the device’s response to incoming waves, ensuring optimal energy capture. Working in tandem with a high-performance power take-off (PTO) system, the technology efficiently converts the mechanical energy generated by the oscillating buoy into electrical energy.
The PTO system is designed to be both robust and reliable, ensuring consistent performance in the unpredictable ocean environment. Moreover, its compact and modular structure allows for easy maintenance and replacement, reducing maintenance costs and downtime.
Significant Funding and Expansion Plans
CorPower Ocean’s groundbreaking technology has attracted considerable financial backing. Recently, the company was selected by the European Innovation Council (EIC) Accelerator programme to receive up to EUR 17.5M in grants and equity funding. This support will be pivotal in accelerating the commercialization of its wave energy technology, optimizing manufacturing processes, and deploying its first commercial wave farm projects across Europe.
This milestone follows CorPower Ocean’s successful EUR 32M Series B1 funding round in October 2024, reinforcing its leadership in the wave energy sector. These funds will further solidify its position as a frontrunner in developing sustainable energy solutions.
A Vision for a Sustainable Future
CorPower Ocean’s innovative approach to wave energy conversion has the potential to revolutionize the renewable energy landscape. By leveraging advanced control systems, robust engineering, and strategic financial backing, the company is well on its way to making wave energy a mainstream contributor to global sustainability efforts. With continued support and advancements, CorPower Ocean is poised to play a crucial role in the transition towards a cleaner and more sustainable energy future.
EIT recently launched a call for proposal for a new Knowledge and Innovation Community on Water, Marine and Maritime sectors and ecosystems to tackle water scarcity, droughts, floods, and marine and freshwater degradation. Find out more here
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