'Far cheaper than nuclear': How Corpower Ocean plans to bring wave energy into the mainstream

As Europe scrambles to secure energy independence, Swedish wave power firm Corpower Ocean is angling to be part of the solution – harnessing the sea’s untapped potential through its distinctive bright-yellow wave buoys, reminiscent of oversized bowling pins.

Founded by serial entrepreneur Patrik Möller and inventor Stig Lundbäck, the company has now brought on two new strategic investors as part of its Series B round. Although the exact amount of the investment is not official, Patrik Möller tells Impact Loop that the round has now surpassed €36m.

Joining the cap table are Acario, the venture arm of Japanese utility Tokyo Gas, and GTT Strategic Ventures, the venture arm of France’s marine technology giant Gaztransport & Technigaz SA.

"We’ve been in dialogue with Acario for over two years. They’re far ahead and are investing in new solutions. For instance, they have a strong presence in offshore wind power and have invested in several projects here. Now, they see an opportunity to co-locate projects – for example, to add some of our buoys if they’re already planning to build a wind project," he says.

With GTT, he says, the company can add valuable knowledge about scaling up manufacturing capacity.

Betting on wave power – not nuclear

Corpower’s pitch comes at a time when Brussels is re-evaluating its energy mix. Just this week, the European Commission signalled plans to earmark significant budget towards nuclear in the 2028–2034 cycle. But Möller isn’t convinced.

"None of the studies we’ve seen – or are involved in, and we’re involved in many – show that nuclear power is cheaper than wave power. We believe that energy supply can be made significantly more affordable with wave power, combined with solar, wind, and batteries," he says.

The company now has 95 employees and a test buoy deployed off the Portuguese coast, currently undergoing repairs. Three more buoys are in production.

"The buoy in Portugal has withstood the worst storms and proven that our reinforcement – which much of our patent is based on – can handle storm waves of up to 18.5 metres. It doesn’t get much worse than that."

The big hurdle

CorPower’s next milestone is securing C5 certification, which would unlock access to project financing – bank loans secured against a specific project rather than the company itself.

"No one has secured project financing for wave power anywhere in the world so far," he says.

The upside – and risk – of strategic investors

Both new backers are corporate venture capital arms (CVCs) – a growing trend in cleantech funding. But Möller is quick to point out the trade-offs.

"When you bring in ‘strategic’ investors in general, you often don’t even want them to hold too large a stake. To raise capital, it’s usually better to go with financial investors," he says.

Why is that?

"Strategic investors invest for different reasons. They might want to acquire the company in the future, and in that case, they may not be focused on making it as valuable as possible. I’m not saying that’s the case for us, but it’s a risk with strategic investors. There’s also the risk that large companies change direction, and then they might not be in it for the long term."

The round remains open to one or two more investors, he confirms.

"There are ongoing discussions, but it’s not closed until it’s closed."

Previous backers include venture capital firms such as European InnoEnergy, Swedish Almi Invest Greentech and Swedish SEB Greentech.