Letter from the CEO
2025 has been a year of tangible progress for CorPower Ocean, a year in which more than a decade of research, perseverance, and engineering discipline has translated into real, measurable results in our quest of unlocking one of the largest untapped sources of clean energy on earth – ocean waves.
We continue to refine our first commercial-scale wave energy converter, CorPower C4, through its operation at the Aguçadoura site in northern Portugal. In parallel we have designed and started manufacturing of the next-generation industrialized machines, CorPower C5. The C5 program is progressing well, and I am proud of the commitment, precision, and technical excellence demonstrated by our team. Successfully completing Stage 5 of our structured verification program with commercialization targeted for 2027, is a clear validation of the long-term strategy we have pursued consistently since 2012.
During the year, we reached a defining milestone for the VianaWave project, our pre-commercial wave energy park off the coast of Viana do Castelo in Portugal, with the award of 40 MEUR funding from the EU Innovation Fund. This is a strong signal that ocean energy is being introduced as a critical component of Europe’s future energy system. Power Farm EU, a project consortium led by CorPower Ocean was also awarded 30 MEUR Horizon Europe–funding, aimed at validating wave energy technology under conditions required for large-scale deployment.
We also secured further financing for the OEM business, including 17.5 MEUR from the European Innovation Council, and welcomed new strategic investors Acario Innovation, the investment arm of Tokyo Gas, and GTT Strategic Ventures. Our B-round equity raise closed at 53 MEUR, with an investor base bringing a powerful combination of capital, industrial know-how, and global market access.
We have been excited to welcome new members to our management team including Catharina Belfrage Sahlstrand as Chief Commercial Officer (CCO), Andrew Litchfield as Chief Technical Officer (CTO), and power sector veteran Manuel da Rocha who joined as Country Manager for Iberia. Several key people in Engineering and Operations were hired, bringing the CorPower team to 110 FTEs by the time of announcing the annual report.
In 2025 we were mentioned as ‘Global Cleantech 100’ for the 2nd year in a row by Cleantech Group, and got invited into the ‘Scaleup Coalition’ by Cleantech For Europe.
Ocean energy offers a huge potential to support Europe’s efforts in becoming energy independent, with a consistent power profile that can unlock 24/7 clean power at low cost. A new industrial sector with locally produced equipment and European supply chains is being developed. European countries along the Atlantic coast could have 20% of their energy needs supplied by ocean waves in the future.
I would like to extend my sincere thanks to our employees, partners, and investors for your continued dedication, trust, and belief in what we are building together. The journey has been demanding, but also deeply rewarding, and the progress made in 2025 gives us strong confidence in the path ahead.
Together, we are building something that truly matters.
