- Tokyo Gas and GTT Strategic Ventures have joined CorPower Ocean’s latest funding round, boosting its wave energy technology support.
- The company has raised €118 million, split between public funding and private equity, for its early-stage European wave energy projects.
CorPower Ocean, a Sweden-based wave energy company, announced on Thursday, July 17, that it has secured two new strategic investors as part of its ongoing funding round.
Tokyo Gas’s investment arm and GTT Strategic Ventures, the investment fund of French technology firm GTT, have joined the company’s list of backers. CorPower did not disclose the size of the individual investments.
Furthermore, Corpower said in a statement that the new investors join a group that includes NordicNinja VC, SEB Greentech, InnoEnergy, Cisco Investments, Santander Asset Management, and Iberis Capital.
Meanwhile, CorPower is developing demonstration-scale wave energy projects across Europe. While still in early stages, the projects aim to commercialise the company’s proprietary wave energy conversion technology.
“CorPower Ocean has now secured €118 million ($137 million) in funding from private and public investors and successfully demonstrated four generations of its unique technology,” CEO Patrik Möller said.
In addition, Möller said public funding accounts for roughly half of the total investment, with the remainder coming from equity investors.
The company’s wave energy systems aim to harness ocean power as a reliable source of clean electricity, supporting Europe’s long-term decarbonisation goals.