In a landmark development for the wave energy sector, CorPower Ocean has secured a EUR 32 million Series B1 funding round, marking the largest single investment in its innovative wave energy technology. This announcement, made during EIT InnoEnergy’s Business Booster event in Barcelona, underscores the growing momentum towards making wave energy a mainstream, bankable energy source.
Diverse investor consortium fuels CorPower’s growth
The investment round is led by NordicNinja VC, the largest Japanese-backed VC in Europe specializing in Deep Tech and Climate Tech, alongside SEB Greentech, the cleantech investment arm of SEB bank, and InnoEnergy. The consortium also includes Santander Asset Management, a key financer of renewable energy assets, Iberis Capital, a prominent 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, along with existing shareholders.
Patrik Möller, co-founder and CEO of CorPower Ocean, expressed gratitude for the support and confidence from this premiere group of investors. “This financing, combined with our recent technological breakthroughs, sends a strong message about wave energy’s readiness for widescale adoption and its vital role in the global energy transition,” Möller stated in a press release issued today.
CorPower’s leadership in wave energy innovationWave energy, one of the largest untapped clean energy sources, offers a potential greater than all current hydro or nuclear capacities. With significant resources along the European Atlantic, US West Coast, and other global regions, local jurisdictions like the UK and Portugal are rapidly adopting wave energy targets. The US has also proposed new measures to accelerate commercialization and industrial development. As an early supporter of CorPower, we are pleased to witness the growing global momentum around wave energy and look forward to continuing our journey with them to harness its potential and advance the transition to a sustainable energy future.
About CorPower Ocean
CorPower Ocean brings high-efficiency Wave Energy technology that enables reliable and cost-effective harvesting of electricity from ocean waves. With our research and development spanning decades, our innovations are inspired by the pumping principle of the human heart. Ocean energy brings stability to the clean energy mix, accelerating the transition to zero-carbon energy.
Headquartered in Sweden, with offices in Portugal, Norway and Scotland, we design, build and install turnkey solutions that allow our customers to power the planet with clean energy from ocean waves. www.corpowerocean.com
About NordicNinja VC
Launched in 2019, NordicNinja is the largest Japan-backed VC fund in Europe and has a focus on investing in scaling companies with the world’s #1 teams that contribute to a more sustainable and digital society. NordicNinja provides support to founders from an experienced Japanese-European team of founders, engineers, and operators turned investors, and access to a global network of 120+ blue chip Japanese corporations.
www.nordicninja.com
About EIT InnoEnergy
EIT InnoEnergy operates at the centre of the energy transition and is the leading innovation engine in sustainable energy, driving Europe’s green deal and decarbonisation goals. Named the most active energy investor globally by PitchBook for three consecutive years, it supports innovations across a range of areas, including energy storage, transport and mobility, renewables, energy efficiency and green hydrogen. Its 200+ portfolio companies are on track to save 2.1 gigatonnes of CO2e accumulatively by 2030 and have raised collectively over €25 billion to date.
InnoEnergy also leads industrial value chains in three strategic sectors: battery storage, green hydrogen and solar photovoltaics.
Established in 2010 with the European Institute of Innovation and Technology (EIT) support, InnoEnergy has a network of 1200+ partners and offices in Europe and Boston.
www.innoenergy.com
About SEB GREENTECH VC
SEB Greentech Venture Capital invests in green technology, focusing on transformative ideas that promise substantial impact in reducing greenhouse gas emissions or in preventing transgression of the planetary boundaries. We invest in hardware, software and technology platform solutions, in sectors ranging from renewable energy, energy storage, water and agricultural technology, circular business models, to waste management. We are particularly searching for teams with a relentless dedication to their mission, and who are ready to scale their business internationally. Our portfolio companies get access to a broad industry and investor network from global leading clients and partners. SEB Greentech VC is part of SEB, a leading northern European financial services group. On 30 June 2024, the Group’s total assets amounted to SEK 2,666bn while assets under management totaled SEK 2,184bn. For more information about SEB, visit sebgroup.com.
About Iberis Capital
Iberis Capital is a Venture Capital and Private Equity fund manager based in Lisbon, Portugal. Iberis Capital invests in Venture Capital, Mid-Market and Yielding Investments with flexible investment structures adapted to the companies’ needs. With more than 500 million euros in assets under management and a base of over 1000 investors, Iberis Capital establishes collaborative partnerships and has contributed to the development of some of the most promising national technological companies, having the capacity to support them at different stages of their growth. www.iberiscapital.com
About Santander Alternative Investments
Santander Alternative Investments SGIIC, a part of Santander Asset Management, is an asset management firm dedicated exclusively to Alternative Investments with close to €2.8 billion committed in Private Debt, Real Estate, and Infrastructure and Renewable Energy strategies, and Funds of Funds.
For more information, read CorPower Ocean press release.
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