Wave energy converter developer CorPower is setting up a research and development centre in northern Portugal.
The €16m investment, which also includes manufacturing and service facility, will be located in the port of Viana do Castelo.
CorPower and port authority Administracao dos Portos do Douro, Leixoes and Viana do Castelo reached an agreement to establish the facility to be used for the fabrication, assembly and servicing of commercial-scale wave energy converters.
The location has been chosen to support CorPower’s flagship demonstration project HiWave-5, and for the long-term development of supply and service capacity for commercial wave energy farms.
CorPower said it will leverage a “strong competence” pool of engineers from adjacent sectors such as offshore wind, composite manufacturing and shipyards, top level universities as well as existing infrastructure including ports and grid connections.
“CorPower’s work strongly complements the Portuguese Industrial Strategy for Ocean Renewable Energies, designed to create a competitive and innovative industrial export cluster for ocean renewable energy,” said the company.
Grid operator REN recently installed a new offshore cable servicing floating wind, and there is significant commercial interest from utilities and project developers for next generation wave project development, CorPower said.
CorPower chief executive Patrick Moller said: “This is a crucial stage in our pursuit to develop a new class of high-efficiency wave energy converters.
“CorPower’s goal is to successfully introduce certified and warrantied WEC products to the market by 2024, making wave energy a bankable technology that can attract mainstream renewable project finance.
“Wave energy can play a fundamental role in Portugal’s transition to 100% renewable energy, while providing a platform to drive Portuguese exports and long-term investment opportunities for local supply chains.”
Moller added: “The HiWave-5 programme is recognised as one of the most ambitious efforts in ocean energy. The arrival of HiWave-5 is set to reinforce Portugal’s reputation as a world-leader in renewable energy, with significant investment in people, technology and facilities.”