Wave firm captures an additional £2m in private funding

The CorPower C3 Wave Converter (WEC) being installed.
The CorPower C3 Wave Converter (WEC) being installed.

An Orkney-based wave energy converter is to receive an additional £2 million in private equity funding.

CorPower Ocean opened an additional funding round to add to the £7.6m secured project funding from the Swedish Energy Agency and the £2m already won from from Oceanera-net.

Midroc New Technology and Almi Invest’s Greentech fund join InnoEnergy to add the new multi-million investment.

The C3 Wave Energy Converter (WEC) proved its sea legs  in October after undergoing tests to prove its storm and power generation viability.

The CorPower C3 underwent 18 months of land and ocean testing in order to ascertain its ability to generate power within the harsh North Sea environment.

Swedish firm CorPower tested the wave converter on land before bringing it to the European Marine Energy Centre (EMEC) in Orkney.

It will continue commercial scale demonstration until 2023.

Patrik Moller, CEO and co-founder at CorPower Ocean said: “We are very pleased to add new shareholders with relevant industrial experience who share our big vision for ocean energy.

“CorPower has worked hard to demonstrate our technology step-by-step since 2012, and we are now looking forward taking the next step to commercial scale machines with a strengthened team.”