CorPower Ocean, a leading developer of turnkey wave energy technology, is proud to announce it has been selected as a winner of the prestigious European Innovation Council (EIC) Accelerator program.
The company has been awarded 2.5 million in grant and a pre-commitment of 15 million in equity investment, totalling 17.5 million, to accelerate the commercialization of its cutting-edge wave energy tech. This funding is part of the 2024 EIC Challenge "Renewable energy resources and their whole value chain".
The EIC Accelerator supports high-impact innovations and scaleups across Europe. In its most competitive call to date, CorPower Ocean emerged as one of 71 companies selected from a pool of 1,211 applicants, underscoring the transformative potential of its technology and impact for a low cost, net-zero energy system.
"This significant funding from the EIC Accelerator is a validation of the groundbreaking work our team is doing in harnessing the power of ocean waves," said Patrik Möller, CEO of CorPower Ocean. "With this support, we can accelerate our work to bring our robust and efficient wave energy solutions to the global market, contributing to a sustainable and resilient energy future."
CorPower Ocean's wave energy converters are designed to withstand the harshest ocean conditions while delivering consistent and reliable energy. The EIC funding will enable the company to scale its technology and optimize manufacturing processes to deliver the first commercial wave farm projects that are developed by CorPower Ocean's customers across Europe.
The company's innovative approach has also attracted substantial private investments, most recently with a 32 million Series B1 funding round announced in October 2024.
As the global community intensifies efforts to combat climate change, wave energy presents a vast, untapped resource. CorPower Ocean is at the forefront of this emerging sector, offering solutions that enhance energy security and support the transition to a low-carbon economy.
About CorPower Ocean
CorPower Ocean brings high-efficiency Wave Energy technology that enables reliable and cost-effective harvesting of electricity from ocean waves. With our research and development spanning decades, our innovations are inspired by the pumping principle of the human heart. Ocean energy brings stability to the clean energy mix, accelerating the transition to zero-carbon energy. Headquartered in Sweden, with offices in Portugal, Norway and Scotland, we design, build and install turnkey solutions that allow our customers to power the planet with clean energy from ocean waves. www.corpowerocean.com
About EIC Accelerator
The EIC Accelerator (previously known as SME Instrument) is part of the European Innovation Council (EIC) pilot programme to support top-class innovators, entrepreneurs, small companies and researchers with financing and services to accelerate the introduction to the market of groundbreaking innovations. Learn more about EIC Accelerator and read the European Commission's press release regarding the projects granted funding.
