CorPower Ocean raised EUR 9M in equity funding from Midroc, Almi and EIT InnoEnergy.

CorPower Ocean, a Stockholm, Sweden-based manufacturer of wave energy technology, announced the completion of a capital raise of EUR 9 million ($10.4M).

The funding round was led by Midroc New Technology, with ​additional investment from​ ALMI Invest Greentech, EIT InnoEnergy, and a group of private investors. The equity funding, which is combined with public investments that co-fund the program, will support CorPower’s pan-European efforts in Sweden, Portugal, Scotland and Norway.

Proceeds will be used to demonstrate the first commercial scale WEC within CorPower’s flagship​ HiWave-5 project​ -​ and for the long-term development of supply and service capacity for commercial wave energy farms.

CorPower Ocean, 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. Advanced control technology allows large amounts of energy to be harvested using small, low-cost devices. A unique solution makes them transparent to storm waves, which provides survivability in the harshest ocean conditions.

This funding announcement comes shortly after CorPower released plans for a new EUR 16M ($18.1M) R&D, Manufacturing and Service Centre in Viana do Castelo, Portugal. The site will become a core focus for the HiWave-5 project with a showcase pilot wave farm planned in Aguçadoura.

CorPower’s is headquartered in Sweden, with offices in Portugal, Norway and Scotland. The company has received broad backing across Europe, with funders including EIT InnoEnergy, the European Commission, the Swedish and Scottish Governments, Midroc New Technology, ALMI Greentech fund and additional private investors.