CorPower Ocean adds $2.7M from Almi and Midroc New Technology

CorPower Ocean, a Stockholm, Sweden-based company manufacturing a new and compact high-efficiency Wave Energy Converter, announced in a press release that it secured SEK 24M ($2.7M) in a fresh investment round.

The money was provided by new and existing investors, including Almi Invest, Midroc Invest, Kompligens and KIC InnoEnergy. The issue is part of a larger financing package to demonstrate the company's technology on a commercial scale until 2023.

CorPower Ocean AB, founded in 2012 by CEO Patrik Möller has developed a compact high-efficiency Wave Energy Converter, inspired by the pumping principles of the human heart. Using a new phase control method, the Wave Energy Converters always oscillate in resonance with the incoming waves, strongly amplifying their motion and power capture. Phase controlled oscillation offers an exceptionally high energy density, 5 times higher than conventional Wave Energy Converters without phase control. The technology allows a large amount of energy to be harvested using a small device.

The technology at CorPower's wave power plant is based on Stig Lundbäck's work on heart pumping functions, and 30 years of research in wave energy at NTNU in Trondheim. During 2016-2018, the company has proven and certified its technology with a half-scale work that has undergone rig tests in Stockholm followed by sea tests at the European Marine Energy Center on the Orkney Islands outside northern Scotland.