Wave energy company CorPower Ocean has secured two new strategic investors as part of its Series B funding round–Acario, the Silicon Valley-based venture investment arm of Tokyo Gas, and GTT Strategic Ventures, the investment fund of French technology and engineering group GTT.
The new investors “bring significant engineering and industrial scale-up expertise, and we are looking forward to having their support in making wave energy a mainstream energy source,” said Patrik Möller, CEO and Co-founder of CorPower Ocean. “The potential of co-locating CorPack wave arrays with offshore wind and solar installations around the world to enable 24/7 clean power is a major opportunity that we are excited to develop together with strong partners.”
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 ocean demonstrates incredible potential to meet the world’s rapidly growing need for clean energy and energy security,” said Kenji Maeda, CEO of Acario. “CorPower Ocean is in a unique position to fulfil this opportunity by delivering high-capacity factor clean power at an affordable cost–with high reliability. Our participation demonstrates Acario’s dedication to supporting remarkable innovators that are building the future of energy systems.”
Acario is the venture investment division of Tokyo Gas; GTT Strategic Ventures is the investment arm of GTT (Gaztransport & Technigaz), which produces membrane containment systems for the transport and storage of liquefied gases. Both invest in technology companies that are shaping the new energy economy focused on decarbonization and energy resilience.
“As a clean, ocean-based power source, wave energy can play a critical role in addressing key challenges of the energy transition–from ensuring the availability of green electricity to enabling local production and supporting grid balancing,” said Hélène Loncin, Head of GTT Strategic Ventures. “This investment reflects GTT’s commitment to fostering pioneering technologies that contribute to a sustainable energy future.”
