Swedish wave developer Corpower has raised the first €2m of funding as part of a larger package targeting €45m to take its technology through commercial scale demonstration until 2023.
Compatriots Midroc New Technology and Almi Invest joined InnoEnergy Scandinavia and a group of private investors in backing the Stockholm outfit to the tune of a collective €2.3m.
The private investors include Claes Eriksson, a former winner of the Polhem prize winner, a Swedish prize awarded by Swedish Association of Graduate Engineers for a high-level technological innovation.
The latest funding will be combined with previously secured backing of €8.5m from the Swedish Energy Agency and €2.3m from the EU-backed OCEANERA-NET co-fund. A further round is planned for 2019 in connection with additional public funding.
Corpower chief executive Patrik Moller said: “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.”
Almi Invest Greentech fund manager Markus Hokfelt added: “We believe that CorPower’s technology and team have great potential to master the very challenging conditions of the oceans”.