Offshore staff
HÄGERSTEN, Sweden – CorPower Ocean has secured €9 million equity funding for wave energy technology.
The funding round was led by Midroc New Technology, with additional investment from ALMI Invest Greentech, EIT InnoEnergy, and a group of private investors.
Proceeds will be used to demonstrate the first commercial scale wave energy converter within the company’s flagship HiWave-5 project - and for the long-term development of supply and service capacity for commercial wave energy farms.
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.
The equity funding, which is combined with public investments that co-fund the program, will support the company’s pan-European efforts in Sweden, Portugal, Scotland, and Norway.
07/27/2020
