CorPower Ocean awarded up to €17.5 million in EIC Accelerator funding to scale-up wave energy
17.02.2025
CorPower Ocean, a leading developer of turnkey wave energy technology, is proud to announce they have been selected as a winner of the prestigious European Innovation Council (EIC) Accelerator program.
The company has been awarded €2.5 million in grant and a pre-commitment of €15 million in equity investment, totalling €17.5 million, to accelerate the commercialization of its cutting-edge wave energy tech. This funding is part of the 2024 EIC Challenge “Renewable energy resources and their whole value chain”.
The EIC Accelerator supports high-impact innovations and scaleups across Europe. In its most competitive call to date, CorPower Ocean emerged as one of 71 companies selected from a pool of 1,211 applicants, underscoring the transformative potential of its technology and impact for a low cost, net-zero energy system.
“This significant funding from the EIC Accelerator is a validation of the groundbreaking work our team is doing in harnessing the power of ocean waves,” said Patrik Möller, CEO of CorPower Ocean. “With this support, we can accelerate our work to bring our robust and efficient wave energy solutions to the global market, contributing to a sustainable and resilient energy future.”
CorPower Ocean’s wave energy converters are designed to withstand the harshest ocean conditions while delivering consistent and reliable energy. The EIC funding will enable the company to scale its technology and optimize manufacturing processes to deliver the first commercial wave farm projects that are developed by CorPower Ocean’s customers across Europe.
The company’s innovative approach has also attracted substantial private investments, most recently with a €32 million Series B1 funding round announced in October 2024.
As the global community intensifies efforts to combat climate change, wave energy presents a vast, untapped resource. CorPower Ocean is at the forefront of this emerging sector, offering solutions that enhance energy security and support the transition to a low-carbon economy.