Wave Energy Firm CorPower Ocean Secures €32 Million in Funding

Team S · 2024-10-20T20:50:15.000Z

CorPower Ocean, a Swedish wave energy technology company, has successfully raised €32 million ($33.7 million) in a funding round to advance its innovative wave energy converter technology. The funding was led by EDP Ventures, with participation from existing investors and new backers. • CorPower Ocean aims to develop and commercialize its wave energy converter technology. • The company plans to use the funds to scale up its operations and move towards commercial deployment. • Wave energy is considered a promising renewable energy source with significant potential. • CorPower Ocean's technology is designed to efficiently convert wave motion into electricity. • The funding round demonstrates growing investor interest in wave energy solutions. • EDP Ventures, the venture capital arm of Portuguese energy company EDP, led the investment. • This development signals progress in the wave energy sector and its potential contribution to the renewable energy mix. https://www.reuters.com/business/energy/wave-energy-technology-firm-corpower-ocean-secures-32-million-euros-2024-10-16/

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Wave Energy Firm CorPower Ocean Secures €32 Million in Funding | Newnex