European Investment Bank backs CorPower Ocean’s wave energy project

Swedish company CorPower Ocean’s wave energy initiative in Portugal has gained backing from the European Investment Bank (EIB), which views the project as an “innovative solution that could revolutionize the renewable energy landscape.”

According to CorPower Ocean, the EIB is providing the company with advisory assistance for capital structuring, preparation of fundraising materials, and the development of financial models to streamline the fundraising process.

EIB noted that CorPower Ocean’s project stands out for its ability to provide a continuous and reliable energy supply, leveraging the natural and consistent movement of ocean waves.

This project, part of CorPower’s mission to harness the ocean’s kinetic energy for clean electricity, is said to be positioned as a key player in diversifying the global renewable energy portfolio. 

By tapping into wave energy, the initiative aims to complement existing solar, wind, and hydropower systems, which, despite their success, are said to face intermittency challenges.

The survivability of CorPower Ocean’s C4 wave energy converter (WEC) has been verified by weathering four major storms, with confirmation of the ability to re-commence operations and power export to the grid after each storm. 

To remind, C4 operated through Babet and Aline storms, and the most energetic period was experienced on November 4, 2023, with storm Domingos sending swell to the site with wave heights up to 18.5 meters.

In December, CorPower Ocean partnered with renewable energy company SwitcH2 to develop an industrial-scale floating green ammonia production facility partially powered by wave energy. 

CorPower Ocean also recently secured €32 million in Series B1 funding, the largest single investment in its wave energy technology.