€8.2m investment in CorPower Ocean for wave power technology

€8.2m investment in CorPower Ocean for wave power technology
Extracting energy from waves is not new, and several devices have been tested previously.

The innovative start-up CorPower Ocean has recently announced an investment of €8.2m from the Swedish Energy Agency to commercialise their wave power technology at full scale.

The wave power technology project is part of a larger collaboration with KIC InnoEnergy, the Spanish energy company Iberdrola and the Portuguese research institute WavEC Offshore Renewables.

After 18 months of testing and verification in Scotland, UK, CorPower has shown that its wave power technology can produce electricity at a competitive cost. The Swedish Energy Agency, which co-financed the current demonstration project in Scotland, has now decided to further invest so as to support full scale demonstration.

Patrik Möller, CEO of CorPower, said: “The Swedish Energy Agency’s evaluation process covered everything from technology [and] due diligence, [to] interviews with our customers, to ultimately confirm that CorPower has a leading position in wave power. With the Energy Agency’s investment, we have a good foundation for commercialising our product.”

The technology

As reported by InnoEnergy, extracting energy from waves is not new, and several devices have been tested previously.

There are two main challenges that hinder commercial development:

  • Storm survival; and
  • Cost of energy.

Now, CorPower has shown energy generation at five times more energy per tonne of power plant compared with prior concepts. Additionally, hydrodynamics are utilised in a way that makes the power plant transparent to large storm waves, which reduces the loads in a storm event, providing robust operations in all weather conditions.

Focusing on commercialisation

CorPower currently focuses on European market opportunities, however, interests have been received from all over the world.

Anders Jansson, Business Development Manager for CorPower, said: “Wave energy has a major role to play in the future energy mix, as the electricity production follows a different pattern from wind and sun, which means better stability on the grid and better economy for our customers. The fact that we have a solid commercialisation plan together with a clear customer focus has today proved itself through the investment from the Swedish Energy Agency.”

Wave energy technology and the energy industry has the potential to grow and be comparable to the wind energy industry.

CorPower will focus on designing and demonstrating the first full scale device, followed by a demonstration array, during which the product will undergo tests and certification.

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