CorPower Gets Funding for Wave Energy Scale-Up

CorPower Ocean was selected as a winner of the European Innovation Council (EIC) Accelerator program and has been awarded €2.5 million in grant and a pre-commitment of €15 million in equity investment, totaling €17.5 million, to accelerate the commercialization of its 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 its impact on 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." 

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.