EIC Accelerator cash boost for CorPower Ocean

The Swedish company has been awarded €2.5m in grant and a pre-commitment of €15m in equity investment to accelerate the commercialisation of its wave energy tech. This funding is part of the 2024 EIC Challenge ‘Renewable energy resources and their whole value chain’. The company has also been successful in attracting private investments, most recently with a €32m Series B1 funding round announced in October 2024.

The EIC Accelerator supports high-impact innovations and scaleups across Europe and in its most competitive call to date, CorPower Ocean emerged as one of 71 companies selected from a pool of 1,211 applicants.

“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,” Patrik Möller, CEO of CorPower Ocean, said in a statement. “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 harsh ocean conditions while delivering consistent and reliable energy. The EIC funding will enable the company to scale its technology and optimise manufacturing processes to deliver the first commercial wave farm projects that are developed by CorPower Ocean’s customers across Europe.

In September 2023, the company announced that it had installed its first commercial scale WEC (wave energy converter) in northern Portugal ahead of a commissioning program.

After connecting to a pre-installed UMACK (Universal Mooring, Anchor & Connectivity Kit)  anchor on the seabed, the device was connected to the Portuguese national grid through a subsea export cable. 

More information on the successful applicant to the EIC Accelerator can be found here.