CorPower Ocean brings a new class of high efficiency Wave Energy Converters (WECs) to market, enabling robust and cost-effective harvesting of electricity from ocean waves. The design principle is inspired by the pumping principles of the human heart and offers five times more energy per ton of device compared to previously known technologies, allowing a large amount of energy to be harvested using a small and low-cost device. A unique solution makes the WEC transparent in large storm waves, making it survive the harshest ocean conditions.
We are headquartered in Sweden, with offices in Portugal, Norway and Scotland. The company has broad backing across Europe, with funders including the European Commission, EIT InnoEnergy, the Swedish Energy Agency, AICEP Global, Wave Energy Scotland, Midroc New Technology, ALMI Greentech fund and additional private investors. CorPower has secured 39 MEUR funding to date.
What Makes CorPower technology unique?
The CorPower Wave Energy Converter (WEC) produces 5 times more electricity per ton (>10MWh/t) than any other known wave technology by combining:
HiWave-5 is CorPower’s flagship demonstration project, bringing our wave technology to a bankable array product by 2024. The project is designed to prove the survivability, performance and economics of a grid-connected array consisting of four full scale devices, with type certification from DNV-GL.
HiWave-5 is performed in two stages:
Stage 4 (2020-2022): Demonstration and prototype certification of single device full scale C4 WEC. Taking the technology from TRL 6 to TRL 7.
Stage 5 (2022-2024): Demonstration and type-certification of pilot array with three additional C5 WECs. Taking the technology from TRL 7 to TRL 8
Reaching a bankable technology in 2024 is key for making wave energy a commercially available energy source. It will unlock conventional renewable project financing for our customers, allowing them to achieve financial close on commercial arrays scheduled for installation from 2025 and onwards.
The activities and deliverables of HiWave-5 has been carefully designed in dialogue with customers and key stakeholders including EDP, Simply Blue Energy, ENEL, and oil & gas companies. These customers will use the results of the project to validate the business case of commercial array projects using CorPower technology. The Agucadoura site in northern Portugal is the same site that was used by EDP and Principle Power to demonstrate Windfloat, and the same team within EDP Innovation is working closely with HiWave-5.