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CorPower bags €8.2M investment from the Swedish Energy Agency for full scale demonstration

© Corpower Ocean - Colin Keldie

27.06.2018

After 18 months of testing and final verification of survival and power generation in Scotland, CorPower has proven that its technology has the underlying physics and technical capabilities to produce electricity at a competitive cost. The Swedish Energy Agency has co-financed the current demonstration project in Scotland and, due to the proven good results, has decided to invest another €8.2M to commercialize the technology at full scale.

  • The Swedish Energy Agency’s evaluation process covered everything from technology due diligence interviews with our customers, to ultimately confirm that CorPower has a leading position in wave power. With the Energy Agency’s investment, we have a good foundation for commercializing our product, says Patrik Möller, CEO of CorPower.

Extracting energy from waves is not new, and several different types of devices have been tested over the years. Essentially, there are two main challenges that hinder commercial development; storm survival and cost of energy. CorPower has proven generation at five times more energy per tonne of power plant compared with prior concepts. In addition, hydrodynamics are utilized in a way that makes the power plant transparent to large storm waves, which significantly reduces the loads in a storm event, providing robust operation in all weather conditions.

© Corpower Ocean - Colin Keldie © Corpower Ocean - Colin Keldie

With new capital and proven technology, CorPower focuses on commercialization

CorPower currently focuses on European market opportunities, but interest has been received from all over the world. Today, there are a number of prospective customers who engage in the company’s development. The Irish project development company Simply Blue Energy recently conducted a global scanning study to identify the best technology to use for their own projects, after analysing 200 different companies and technologies, CorPower stood out as the preferred technology.

The wave energy industry has the potential to grow to be comparable to the wind energy industry. There is an opportunity to draw on wind industry development in Denmark, where the collaboration between private and public sector in the development phase has resulted in Denmark leading the way and generating thousands of jobs and large tax revenues.

CorPower will now focus on designing and demonstration of the first full scale device, followed by a demonstration array, during which the product will undergo tests and certification. This key investment aims at making the technology fully commercially viable, alongside guarantees and insurance plans that facilitate the financing of large commercial arrays for customers.

Several potential sites along the European Atlantic coast has been reviewed for the full-scale demonstration, with Billia Croo in Scotland and Aguçadoura in Portugal remaining as candidates. Final decision is expected early 2019.