CorPower Ocean, a Sweden-headquartered developer of wave energy technology, has received €9m ($10.9m) in funding from investors including financial services group SEB and property developer Midroc Europe.
The round was led by Midroc Europe’s investment arm, Midroc New Technology, and included SEB Greentech VC, a green technology-focused investment arm of SEB, together with undisclosed family offices and private investors.
Founded in 2012, CorPower Ocean is developing wave energy converters which harness the power of ocean waves to generate electricity. It claims its technology provides five times more energy per ton of device when compared to existing technology.
Markus Hökfelt, head of SEB Greentech VC, said: “SEB is thrilled and proud to back this world-leading team in their advancements to harvest clean and cost-efficient energy from the oceans.
“It remains one of the most challenging and demanding environments to conquer and one in which many have failed. However, CorPower is delivering a rare combination of innovative technology and sound financial metrics to make it a reality.”
CorPower Ocean has raised about $25m of equity funding to date, including a $10.6m round in July 2020 led by Midroc New Technology and backed by Almi Invest Greentech, Swedish Agency for Economic and Regional Growth, EIT InnoEnergy and undisclosed individuals.
Midroc New Technology, Almi Invest Greentech, InnoEnergy and undisclosed private investors had previously supplied $2.6m for the company in 2018.