Wave energy company CorPower Ocean will lead a €30 million (USD $35 million) project, POWER-Farm EU, that aims to dispel the idea that wave energy is just a cool tech of the future and is, instead, a competitive and bankable power source. Wave energy is ready to go commercial. The project will demonstrate the survivability, reliability and performance of wave energy systems at European Marine Energy Center’s (EMEC) test site in Scotland.
The initiative, partly funded by a €19 million grant from Horizon Europe, will underscore wave energy’s role as a mainstream renewable sector. With potential to supply up to 17% of electricity in key EU countries by 2050, the project also targets volume manufacturing across the EU, reinforcing Europe’s leadership in clean energy innovation.
The consortium includes EMEC, The University of Edinburgh, Ocean Energy Europe, Renewable Risk Advisers and Kristinehamn Teknik & Service.
“The POWER-Farm EU project is a key milestone for Europe’s wave energy sector,” said Rémi Gruet, CEO of Ocean Energy Europe. “Demonstrating scalable and reliable wave energy technology will help unlock investment, industrialisation, and the wider deployment of ocean energy. Initiatives built on strong partnerships and EU support are critical for achieving Europe’s climate and energy targets while reinforcing Europe’s leadership in the sector.”
Wave energy has the theoretical potential to supply as much electricity as the world currently consumes. Water is 800 times denser than wind and since the ocean covers 72% of the planet, wave power is widely accessible. Wave energy is also highly reliable and predictable. Studies show that a clean energy mix including wave energy typically requires less than half the installed capacity, half the grid infrastructure, and 20–50% less storage compared to a cost-optimal system based solely on solar and wind.
The project builds on CorPower Ocean’s WEC (Wave Energy Converter) technology currently deployed off the Atlantic coast of Portugal, while also placing strong emphasis on proving the scalability of a European—and particularly UK and Scottish—supply chain capable of supporting larger wave energy farms.
With the UK’s 25GW practical wave deployment potential and Scotland’s globally recognized resource, POWER-Farm strengthens the UK’s position as a key market in CorPower Ocean’s global rollout plan. It also supports the development of local supply chains, high-value jobs, and wider socio-economic benefits as the UK transitions toward a net-zero and more self-reliant energy system.
Research from Supergen ORE Hub and the Policy and Innovation Group at the University of Edinburgh shows wave energy could deliver over £30 billion (USD $40 billion) in Gross Value Added (GVA) to the UK economy – under a ‘high ambition’ scenario, where the UK develops a strong, modernized domestic supply chain and leads in global deployments. Taken with tidal stream, which could contribute more than £20 billion, it could support over 80,000 jobs.
The UK recently launched a Marine Energy Taskforce led by Energy Minister Michael Shanks and supported by the Crown Estate and Crown Estate Scotland. The Taskforce aims to unlock the UK’s wave and tidal potential through a strategic roadmap covering site development, financing, innovation and supply chain growth.
“The POWER-Farm EU initiative arrives at a pivotal moment for the wave-energy sector, as the industry shifts from research and development to commercial deployments,” Anders Jansson, Head of business Development at CorPower Ocean. “With Europe investing to bring wave energy to farm-scale readiness, we urge the UK to match this ambition and unlock its vast wave-energy potential. The UK is uniquely positioned to become a global leader in this emerging frontier, establishing a major new sector driving economic growth and job creation. With the right support and a clear route to market, developers and investors will have the certainty they need to deliver the nation’s first commercial wave-energy arrays, while ensuring the UK can capitalize on this golden opportunity.”
