Wave energy company CorPower Ocean has been selected as a winner of the European Innovation Council (EIC) Accelerator program. The company has been awarded €2.5 million in grant and a pre-commitment of €15 million in equity investment, totaling €17.5 million, to accelerate the commercialization of its wave energy tech. This funding is part of the 2024 EIC Challenge “Renewable energy resources and their whole value chain.”
The company’s technology converts the energy produced by the movement of ocean waves into electrical energy for the grid. Wave energy is believed to have a theoretical potential of more than 29,500 TWh, more than 10 times the energy consumption of Europe.
“This significant funding from the EIC Accelerator is a validation of the groundbreaking work our team is doing in harnessing the power of ocean waves,” said Patrik Möller, CEO of CorPower Ocean. “With this support, we can accelerate our work to bring our robust and efficient wave energy solutions to the global market, contributing to a sustainable and resilient energy future.”
The EIC Accelerator supports high-impact innovations and scaleups across Europe. In what the accelerator called its most competitive call to date, CorPower Ocean emerged as one of 71 companies selected from a pool of 1,211 applicants.
