It’s been a big year for wave energy and CorPower Ocean with breakthrough results from our first commercial scale device deployment plus the largest single investment in our company history.
Here’s some brief highlights as we prepare to close another chapter in 2024.
Starting the year with a bang we were delighted to be named in the Cleantech Group’s Global Cleantech 100 list, which serves as a definitive guide to the world’s top companies making significant contributions to sustainable innovation.
Shortly after we announced ‘breakthrough results’ in our first commercial-scale ocean demonstration program. This progression marked a significant milestone for wave energy addressing the two major obstacles which have hampered commercial adoption to date – survivability and efficient power generation in normal ocean conditions.
By the summer, we accelerated work with on-land inspections and upgrades, following the first cycle of ocean commissioning. The upgrades are designed to address lessons learned, and systematically improve subsystems to increase operational range, power capacity and reliability. It comes after post-deployment inspections provided numerous insights in areas including biofouling, corrosion, robustness and station keeping in storm conditions.
Weeks later, we announced the largest single investment in our company history securing EUR 32m Series B1 funding (1st close) led by NordicNinja VC, SEB Greentech and EIT InnoEnergy in consortium with Santander Alternative Investments, Iberis Capital and Cisco Investments.
Moving into the festive period, we unveiled a new partnership with SwitcH2 to deliver a unique industrial scale floating green ammonia production facility partially powered by wave energy. With backing from Norway-based BW Offshore and Dutch Oceans Capital, SwitcH2 is leading the development of industrial-scale offshore green hydrogen and green ammonia production units based on FPSO (floating production, storage, and offloading) technologies.
We have now successfully demonstrated four generations of our unique technology, attracting a total of EUR 95m in funding from private and public investors.
As we enter 2025 our team of 90 people from 22 countries remain laser focused on delivering one of the most ambitious efforts to bring utility scale wave energy to the world.
