GTT Strategic Ventures, the investment arm of the GTT group, has joined the second close of the Series B funding round for CorPower Ocean, a Swedish pioneer in wave energy technology.
The round, which builds on a successful €32 million first close, is supported by a consortium of global energy and technology investors, including Acario (Tokyo Gas), NordicNinja VC, SEB Greentech, EIT InnoEnergy, Santander Alternative Investments, Iberis Capital, and Cisco Investments. This funding will fuel CorPower Ocean’s mission to industrialize wave energy and bring it into the mainstream as a clean, reliable energy source.
Strategic Investment to Accelerate Wave Energy Maturity
The additional capital will support the commercial rollout and scaling of CorPower’s wave energy devices. GTT and Acario’s participation in the second close underscores growing confidence in wave energy as a viable solution to energy transition challenges. The funding comes at a crucial time as global stakeholders seek new technologies that can deliver 24/7 green electricity and stabilize the clean energy mix.
CorPower Ocean: Solving the Wave Energy Puzzle
Founded in 2012, CorPower Ocean has developed a breakthrough wave energy technology that addresses two major industry challenges:
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Storm survivability
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Energy efficiency
Its flagship device, the C4, recently demonstrated real-world reliability by surviving storm conditions with 18-meter-high waves, while also showing efficient energy output in typical ocean conditions. CorPower’s unique design and patented technology are the result of decades of academic research combined with in-house innovation.
Backed by Global Energy Leaders
Industry leaders are showing strong support for CorPower’s mission:
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Hélène Loncin (GTT Strategic Ventures) highlighted “We are proud to support CorPower Ocean in its mission to unlock the vast potential of wave energy. 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. This investment reflects GTT’s commitment to fostering pioneering technologies that contribute to a sustainable energy future.”
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Patrik Möller (CEO, CorPower Ocean) said that “We are delighted to welcome GTT and Tokyo Gas via Acario as shareholders. They 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. 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.”
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Kenji Maeda (CEO, Acario) emphasized “We are excited to join CorPower Ocean and support the goal of realizing wave energy as a stable utility scale renewable resource globally. The ocean demonstrates incredible potential to meet the world’s rapidly growing need for clean energy and energy security. 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.”
Clean Energy with High Capacity Factor and Global Scalability
Wave energy is one of the last untapped sources of renewable power with natural consistency and high availability. CorPower aims to reduce the levelized cost of energy (LCOE) to €100/MWh at 300 MW of cumulative deployment—with the potential for further reductions. The company envisions co-locating wave arrays with offshore wind and solar farms to enable truly round-the-clock clean energy generation and grid stability.
With strong financial backing and validated technology, CorPower Ocean is well on its way to unlocking the true potential of wave energy. GTT Strategic Ventures’ involvement signals growing industry confidence in wave power as a key piece of the clean energy puzzle. As CorPower scales up, the collaboration with global partners promises to make wave energy a reliable, cost-efficient pillar of tomorrow’s energy system.
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Source: GTT
