CorPower Ocean, a global leader in wave energy technology, has secured two new strategic investors – Acario, the Silicon Valley-based venture investment arm of Tokyo Gas, and GTT Strategic Ventures, the investment fund of French technology and engineering group GTT, as part of its Series B funding round.
The investment builds on CorPower Ocean’s earlier €32 million Series B1 raise, marking a significant milestone in scaling wave energy as a mainstream, bankable source of clean electricity.
Tokyo Gas, one of Japan’s largest energy utilities and a major investor in renewable energy, and GTT Group, a global leader in cryogenic technologies for liquefied gas transport, bring strong industrial alignment, engineering expertise, and global credibility to CorPower Ocean’s commercial scale-up journey.
They join a growing investor consortium including NordicNinja VC, SEB Greentech, InnoEnergy, Cisco Investments, Santander Asset Management, and Iberis Capital, providing a powerful combination of capital, deep-tech know-how, and global market access.
Tokyo Gas currently supplies energy to approximately 13 million customers across Japan. Still the largest gas utility in the country, the company has evolved from a traditional city gas supplier into a globally diversified energy and solutions provider with more than 4.0 million electricity customers. Known for its pioneering role in the industry – from introducing LNG to Japan to becoming the first in the energy sector to commit to net-zero emissions by 2050 – Tokyo Gas continues to drive innovation in the energy transition.
Acario, the venture investment division of Tokyo Gas, backs market-leading technology companies that are shaping the new energy economy. Through strategic global investments and partnerships, Acario focuses on the commercialization of solutions that accelerate decarbonization, systems optimization, and energy resilience while supporting expansion into new services that meet the evolving needs of all stakeholders in the energy sector.
GTT Strategic Ventures is the investment arm of GTT (Gaztransport & Technigaz), a global leader in membrane containment systems for the transport and storage of liquefied gases, particularly LNG. For over 60 years, the GTT Group has pioneered advanced technologies deployed in LNG carriers, floating terminals, onshore storage tanks, multi-gas and ethane carriers. At the heart of the energy transition, GTT delivers innovative solutions to the maritime and energy industries. Through GTT Strategic Ventures, the Group invests in breakthrough technologies that complement its core expertise and drive the development of next-generation energy solutions. This includes fostering innovation in clean tech and climate tech—technologies aimed at reducing greenhouse gas emissions and supporting climate change mitigation and adaptation.
Patrik Möller, CEO and Co-founder of CorPower Ocean, said: “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.”
Hélène Loncin, Head of GTT Strategic Ventures, said: “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.”
Kenji Maeda, CEO of Acario, said: “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.”
Wave energy is fast emerging as a strategic technology that can deliver the lowest-cost clean firm power mix in many global regions. With commercial momentum and growing awareness, the UK recently underscored interest in the sector with Energy Minister Michael Shanks establishing a new Marine Energy Taskforce with backing from the Crown Estate and Crown Estate Scotland. The taskforce aims to unlock the region’s 25 GW wave + 11 GW tidal potential through a strategic roadmap spanning site development, financing, innovation and supply chain growth.
Due to its uniquely consistent and complementary power profile, wave energy helps stabilize output from solar and wind, unlocking 24/7 renewables at lower cost. Studies show that a clean energy mix including wave energy typically requires less than half the installed capacity, half the grid infrastructure, and 20–50% less storage compared to a cost-optimal system based solely on solar and wind.
Compared to nuclear, wave energy is forecast to deliver significantly lower costs at scale and deploy faster. With over 500 GW of accessible wave energy potential globally, the opportunity rivals the entire installed capacity of hydropower or nuclear.
As fossil fuels still supply more than 80% of global energy, the need for 24/7 clean energy solutions has never been more urgent. Wave energy offers a powerful path to replace fossil fuels, enhance energy independence, and meet the growing demand for firm, carbon-free electricity from data centres and heavy industry to national grids.
About GTT
GTT is a technology and engineering group with expertise in the design and development of cryogenic membrane containment systems for use in the transport and storage of liquefied gases. Over the past 60 years, the GTT Group has designed and developed, to the highest standards of excellence, some of the most innovative technologies used in LNG carriers, floating terminals, onshore storage tanks and multi-gas carriers. As part of its commitment to building a sustainable world, GTT develops new solutions designed to support ship-owners and energy providers in their journey towards a decarbonised future. As such, the Group offers systems designed to enable commercial vessels to use LNG as fuel, develops cutting-edge digital solutions to enhance vessels’ economic and environmental performance, and actively pursues innovation in the field of low-carbon solutions..
GTT is listed on Euronext Paris, Compartment A (ISIN FR0011726835 Euronext Paris: GTT) and is notably included in the CAC Next 20, SBF 120, Stoxx Europe 600 and MSCI Small Cap indices.
About Tokyo Gas Co., Ltd.
Founded in 1885, Tokyo Gas Co., Ltd. is Japan’s largest provider of city gas primarily in the Tokyo metropolitan area and surrounding Kanto region. Since the liberalization of Japan’s electricity market, it has also been providing electricity in the same area. As of its group’s management vision “Compass2030,” Tokyo Gas promotes the challenge of achieving “Net-Zero CO2” and will lead the transition to a decarbonized society.
For more information about Tokyo Gas, visit www.tokyo-gas.co.jp.
About Acario Innovation LLC.
Founded in 2017 and headquartered in Silicon Valley, Acario Innovation LLC is the corporate venture capital and open innovation division of Tokyo Gas Co., Ltd. The name “Acario” comes from the word “Akari,” which means “light” in Japanese. Acario is focused on funding market leading companies in the new energy economy, sustainability and digital transformation sectors, including mobility, energy storage, and next-generation customer and energy services. As a dedicated subsidiary of Tokyo Gas, Acario plays a key role on the path to Compass 2030, as outlined by Tokyo Gas.
For more information about Acario, visit www.acarioinnovation.com
