CorPower Ocean

CorPower Ocean features in the European Investment Bank (EIB)'s “The Other Renewables’ shining a spotlight on new technologies diversifying the future energy mix. CorPower Ocean’s HiWave-5 Project forms part of an extended piece on Wave Energy - alongside Biomass and Geothermal Energy. It highlights wave energy’s ability to supplement existing wind and solar resources, providing stability to global energy systems, when the wind doesn’t blow and the sun doesn’t shine. Read more about the history of wave energy, the inspiration behind CorPower Ocean’s technology and the key advantages it offers: https://lnkd.in/dYMDvr73 “Wave energy provides power in challenging locations, bolsters local resilience, synergises with other resources like solar, wind, and energy storage, and circumvents land limitations. Projects like HiWave-5 help drive innovation, scalability and market confidence in wave energy technology.” Andrea Alessi Engineer, European Investment Bank (EIB). Thank you to EIB co-authors Tamar Shiloh Vidon Andreia Nuno and Alice Nour #RenewableEnergy #Sustainability #WaveEnergy Eavor Deutschland Teplárny Brno

CorPower Ocean is today announcing the largest single investment in its wave energy technology after securing EUR 32m Series B1 funding (1st close). Led by NordicNinja VC – the largest Japanese backed VC in Europe focusing on Deep Tech and Climate Tech, SEB Greentech the cleantech investment arm of the SEB bank, and EIT InnoEnergy – one of the most active cleantech investors in Europe. The investor consortium also includes Santander Asset Management, a major financer of renewable energy assets, Iberis Capital, a leading Portuguese Venture Capital and Private Equity investor, and Cisco Investments, which has a strategic focus on using technology to help accelerate the transition to clean energy, plus existing shareholders. CorPower Ocean co-founder & CEO Patrik Möller said “We’re hugely grateful for the support and confidence from this premiere group of investors who bring crucial experience and capacity to support our mission to power the planet with clean electricity from ocean waves. This financing combined with the technology breakthrough recently reported delivers a firm message about wave energy’s readiness for widescale adoption and its key role in the global energy transition.” NordicNinja VC’s Managing Partner Tomosaku Sohara said: “The CorPower Ocean team combines decades of wave-power experience and world-class company building ability to unlock untouched ocean resources in Europe, the US and Japan. We are excited to support CorPower Ocean as a lead investor, and this funding round is a strong testament to the team’s achievement and the momentum from the market.” EIT InnoEnergy CEO Diego Pavia said: “Wave energy is a must to supply the 24/7 green electricity we need to decarbonize the energy and industrial system. CorPower Ocean has consistently demonstrated the energy ratings and maintainability it promised, also in harsh environments." Markus Hökfelt, Investment Director SEB GreenTech VC said: “This truly is an amazing team of people encompassing world leading engineering skills, know-how, determination and drive, led by a CEO in Patrik Möller with the top qualities that we look for as investors. By providing the support and funding they need, CorPower Ocean will make wave power a reliable, cost competitive and scalable energy source.” Iberis Capital Partner Diogo Chalbert Santos said: “We are proud to support CorPower Ocean, a recognized leader in the sector, whose C4 device has demonstrated outstanding durability and reliability, even enduring several major storms in Portugal.” Jon Koplin, Senior Director at Cisco Investments said: "Cisco has a goal to reach net zero greenhouse gas emissions across our value chain by 2040. We’re excited to invest in CorPower and their wave-energy technology to complement solar and wind, creating 24/7 renewable power needed by data centers and smart buildings worldwide.” Read more: https://lnkd.in/dRcjPPxQ

CorPower Ocean looks forward to joining the Business Booster by EIT InnoEnergy in Barcelona on October 16 & 17 - one of Europe’s leading sustainable energy events.   Under the theme ‘Economic growth, geopolitical resilience, clean energy transition – trilemma or opportunity?’ #TBB2024 will focus on sustainable energy innovation, with particular attention on green industrial policies, industrial unicorns Made in Europe, the reshoring of the photovoltaic industry, the battery value chain, the impact of AI on energy consumption, and the green hydrogen value chain. Senior team members from CorPower Ocean will be in attendance, alongside some of the most influential people and companies driving the energy transition.   CorPower Ocean’s innovative technology including a quarter-scale Wave Energy Converter will be exhibited throughout the event at stand 01A.   Join industry leaders, investors and policy makers by registering at tbb.innoenergy.com   #WaveEnergy #sustainability #energy #innovations #startups

🇦🇺🌊💡"Federal and State Governments in Australia should take a strategic view on wave energy in order to maximise national benefit from a potentially critical national resource”.     📈🎓This is the overarching recommendation from the Blue Economy CRC (Cooperative Research Centre) following the release of its latest report – Ocean Wave Energy in Australia.  🗣 Key takeaways here: https://lnkd.in/d7jzM7g9   🗞 Full report here: https://lnkd.in/gGBg3j7M   The publication was issued in tandem with 2024 International Conference on Ocean Energy, held for the first time in the southern hemisphere, in Melbourne - attracting leaders in the ocean energy space including CorPower Ocean.    It includes a comprehensive assessment of the status, challenges and opportunities of wave energy in Australia following an examination of international trends, domestic resource, market dynamics, integration potentials, environmental considerations, regulatory frameworks and social acceptance factors. #OceanEnergy #WaveEnergy #AustraliaEnergy #EnergyTransition #NetZeroFuture 

The Power of Dry testing. A key concept in CorPower Ocean’s approach to make wave energy robust and reliable involves rigorous dry testing prior to ocean deployment. We have designed and built the world’s largest dry testing facility for wave energy equipment in Stockholm. This test rig has a power rating of 7.2MW, equivalent to two high-speed trains. Using simulated wave loading, we have debugged, stabilized and tuned the C4 machine during almost one year. Starting with gentle waves, we gradually increased loads until the device was exposed to the largest storm force it will ever experience in the ocean. This dry-test program has been key for C4’s highly successful ocean deployment in 2023, where it has performed reliably once installed as the Agucadoura site in northern Portugal. In this controlled environment, we can test machines in waves conditions from any location around the world.

"For me this is not just a job, it’s a journey. It’s a very exciting time in the renewables industry, we’re constantly pushing the boundaries. Being a family man with four children, it is the future which is most important. As I look out at the ocean, I see endless possibilities.” Eduardo Pacheco, Senior Composite Manufacturing Engineer at CorPower Ocean    Join CorPower Ocean to power the planet https://lnkd.in/dWyWmJYW    #marineenergy #careers #innovation #technicalskills #inspiration 

The Transatlantic Cleantech Summit by EIT InnoEnergy will convene 200 industry leaders, climatech investors, innovators, and policymakers from both sides of the Atlantic to explore success stories and roadblocks in scaling cleantech. Anders Jansson, Head of Business Development at CorPower Ocean will attend to discuss what drives CorPower Ocean to new markets and the challenges of scaling globally.    #WaveEnergy #OceanEnergy #Innoenergy Greentown Labs #TRANSATALANTICCLEANTECHSUMMIT 

Join us at 2024 International Conference on Ocean Energy today for presentations on recent breakthroughs with our HiWave5 Project plus wave energy's role in the future energy mix!

CorPower Ocean looks forward to attending the 2024 International Conference on Ocean Energy in Melbourne next week (Sep 17-19).     It’s the first time ICOE has been held in the Southern Hemisphere, as Australia ramps up its carbon emissions reduction target from 26% to 43% by 2030, on route to Net Zero by 2050. Ocean energy will play a pivotal role with ICOE 2024 uniting key players to help drive the transformation.    CorPower Ocean will discuss recent breakthroughs in our HiWave5 project involving our C4 device demonstration project with Head of Projects Matt Dickson CEng joining the ‘Flagship Energy Ocean Projects’ panel on September 17 in the Plenary Room from 11.30 - 12.30pm. Commercial Director Kevin Rebenius will explain more about wave energy’s role in the future energy mix in ‘Surfing the Waves: Developments in Wave Energy Technology’ in Room 212 & 213 from 14.00 - 15.30.    See full program: https://lnkd.in/dTW2MwAM  Event registration: https://lnkd.in/dkct9Ykm     #ICOE2024 #WaveEnergy #OceanEnergy #EnergyTransition #NetZeroFuture

The Power of Local Manufacturing & Operations. Due to our modular approach, the majority of components which make up our wave energy systems will be manufactured and sourced locally. This includes anchors, mooring systems, tidal regulation units, electrical collection systems and balance-of-plant components.    In addition, our composite hulls are produced locally using an innovative manufacturing method that can be easily integrated in local ports or final assembly facilities. We have demonstrated and certified a new type of ‘Mobile Factory Cells’ in the port of Viana do Castelo in Portugal, which we will use globally.       The spheric composite hulls are fabricated using fully automated additive process to build up strong and lightweight structures, adding fibres layer by layer with a method optimised for low-cost volume manufacturing.    Delivering wave energy farms, we will be moving these ‘Mobile Factory Cells’ to our customer sites, to produce the number of buoy hulls needed for the project, before relocating the cells to the next customer site. This saves significant cost and carbon footprint by eliminating transport.     Embracing the use of local Supply chains and existing (small) port facilities and local vessels will enable rapid roll-out of CorPower Ocean’s wave energy technology on a global scale, while supporting sustainable growth and prosperity for coastal communities, boosting local job and wealth creation.