Two roadblocks to the commercialization of wave energy power generation are the capabilities to survive storms and to generate power efficiently in normal ocean conditions. CorPower Ocean demonstrated the ability to overcome these challenges with its unique technology in dry testing and in ocean testing. As a result of these successes, CorPower Ocean is preparing to commercialize its wave energy technology and recently secured funding from NordicNinja VC, SEB Greentech, and EIT InnoEnergy to help make commercialization a reality.
CorPower Ocean’s wave energy converters capture wave motion and turn it into rotation. Generators inside the moored composite buoy interact with the wave motion and convert the mechanical energy into electricity. The advanced technology allows the buoy to respond to environmental conditions, including amplifying wave energy in normal sea conditions to maximize efficiency.
“Harvestable and accessible wave energy resources in the world amount to 500GW, with availability and predictability way above wind and solar. As such wave energy is a must to have to supply the 24/7 green electricity, we need to decarbonize the energy and industrial system,” said InnoEnergy CEO Diego Pavia. “CorPower Ocean has consistently demonstrated the energy ratings and maintainability it promised, also in harsh environments. With this financing round, we speed up the commercialization phase.”
“The technical ability CorPower Ocean has demonstrated to survive the biggest Atlantic storms has been truly impressive. Wave power will finally meet the level of industrial expectations,” added NordicNinja VC’s Managing Partner Marek Kiisa.
Wave energy represents a large untapped clean energy source which, according to CorPower, amounts to more than all current hydroelectric or nuclear capacity. Customers are using CorPower’s wave energy technology in Scotland, Ireland, Portugal, and Norway. The investors see the U.S. and Japan as future markets for the company’s wave power technology.
