Exclusive: CorPower Ocean CFO talks €32 million in funding for revolutionary wave energy tech

CorPower Ocean, founded in 2012 by CEO Patrik Möller and heart specialist Dr. Stig Lundbäck, has developed wave energy converter (WEC) technology inspired by the human heart’s efficiency in pumping blood. Earlier this month, the company announced that it had secured €32 million in Series B1 funding to accelerate the commercialization of its wave energy technology. Their first full-scale WEC, the C4, was deployed in Portugal in fall 2023.

Speaking to Arctic Today, CorPower Ocean CFO Rickard Lindgren claims that wave energy, unlike solar or wind, offers more consistent and stable electricity production, with the ocean acting as a massive battery. CorPower Ocean estimates that wave energy could potentially provide up to 500 GW globally, covering 10% of the world’s electricity needs.

“The challenge with renewable energy is you have solar, which works in places where you have sun, but at night produces zero energy,” explains Lindgren. “The same goes for wind, you might have longer or shorter periods where you have no wind. Wave has a much more consistent production profile as you have waves all year round, so it’s more stable.”

The C4 WEC is anchored by a patented monopile that is driven into the seabed using a vibratory method. A buoy moves with the waves, generating electricity through an internal generator. A “wave spring” innovation gives the buoy an additional boost, enhancing energy output as the buoy starts to oscillate. The design also includes a tidal unit for stability, and the C4 has proven its durability in extreme conditions, surviving 18-meter waves and multiple storms.

“The problem with wave energy in the past has been that everyone failed during the winter and during big waves,” says Lindgren. “Because our buoy weighs more than 50 tons and it’s 19 meters high and 9 meters in diameter, the forces on such big objects can be enormous during big storms. We have now found a solution for this challenge. Last fall, for example, we survived 18-meter waves in Portugal, so we have proven storm survivability, which is a breakthrough achievement for wave energy.”

Lindgren says the company is committed to sustainability, with CorPower Ocean minimizing its environmental impact with a low-noise installation process and structures that create habitats for marine life. The use of carbon fiber in construction also allows for recycling, addressing concerns similar to those seen with disused windmill blades. CorPower Ocean has projects underway in Portugal, Scotland, and Ireland, and also with Norway being a potential future site.

Despite challenging global economic conditions, interest in wave energy is growing, especially as offshore wind projects face rising costs. CorPower Ocean is targeting large utility companies, offering a less intrusive and more concentrated energy solution compared to wind turbines.