CorPower secures 7.3 MEUR investment into Portuguese wave project

Photo: CorPower Ocean

Source: aicep Portugal Global

The firm has attracted significant investment from Portuguese authorities to support its flagship HiWave-5 demonstration project in northern Portugal.

The investment supported by the European Union is provided through the NORTE 2020 Program operated by aicep Portugal Global (Portuguese Trade & Investment Agency) and CCDR-N (Norte Portugal Regional Coordination and Development Commission). It forms part of the HiWave-5 demonstration project aimed at bringing CorPower’s wave technology to a bankable product offering by 2024, by proving the survivability, performance and economics of a grid-connected array of Wave Energy Converters, with additional funding by the Swedish Energy Agency and private investors. It is designed to unlock mainstream renewable project financing for commercial array projects developed by our customers. 

The investment will further aid the development of a world-class wave energy base in Viana do Castelo, northern Portugal, including R&D, Manufacturing & Servicing facilities. Proceeds will be used to demonstrate the first commercial scale WEC within CorPower’s flagship​ HiWave-5 project​ -​ and for the long-term development of supply and service capacity for commercial wave energy farms. 

CorPower Ocean CEO Patrik Möller said the funding decision reaffirms Portugal’s commitment to the ocean energy sector.

“We are pleased to announce this positive development early in 2021 which will allow us to further ramp up operations in Portugal,” he said. “We are gaining strong momentum with our new R&D Centre nearing completion and a fast-expanding team. While Portugal offers ideal natural conditions for our HiWave-5 demonstration project it also crucially shares our passion and vision for renewable energy. There is firm political will to maintain its position at the vanguard of clean energy, which is reflected in this recent investment in CorPower. Our work is well aligned with the Portuguese Industrial Strategy for Ocean Renewable Energies, which aims to create a competitive and innovative industrial export cluster for marine renewables. Together we will continue working closely to attract the attention of global utilities and project developers through next generation wave energy.” 

“As an early investor in flagship projects with the potential to open new markets, EIT InnoEnergy has supported Corpower since 2012, and is thrilled to see the pre-commercial development starting in Portugal. Our regional team was able to mobilise and strengthen the Portuguese ecosystem around this development, benefiting Corpower in the consolidation of relationships with regional stakeholders” commented Mikel Lasa, CEO of EIT InnoEnergy Iberia.

CorPower’s HiWave-5 Project follows a decade of product development and three decades of research on wave hydrodynamics.  The Swedish-headquartered developer is currently fabricating its first commercial scale C4 WEC – a 9m diameter device with a weight of 60 tonnes and 300kW power rating. Dry testing in Sweden is scheduled for the first half of 2021, before ocean installation at the Aguçadoura site in Portugal during second half of the year. This will be followed by three additional CorPower C5 machines to form a pilot array in 2023.

CorPower Ocean Country Manager Miguel Silva said: “We’ve made great strides in recent months building our infrastructure and team, and we’re entering 2021 in a strong position. This year will be pivotal as we begin the Hi-Wave 5 demonstration, addressing fundamental challenges which have hampered wave energy in the past – most notably storm survivability and the cost to energy ratio. We have an important message to deliver that wave energy is reaching maturity with the capability to compete with established renewable energy sources in the next decade. However, its reliability and broader role as a balancing source is perhaps most compelling, offsetting the intermittency of wind and solar. In this respect we see massive potential in the future of combined wind, wave and solar arrays.”

The Secretary of State for Internationalisation Affairs, Eurico Brilhante Dias, said: “Portugal remains committed to the response to some of the most pressing global environmental, social and governance challenges, in line with the vision and strategy set out in the European Green Deal and the Paris Agreement. CorPower’s project demonstrates that our country is a location with ideal conditions for setting up an ocean energy development cluster. I strongly believe that this innovative initiative will contribute to the achievement of the European Green Deal goals and confirm our position as a leading nation in the development and use of renewable energy solutions.”

AICEP Member of the Board Madalena Oliveira e Silva said: “It is with great satisfaction that we welcome CorPower in Portugal. Portugal has been able to attract investment from international companies with innovative projects thanks to its competitive advantages, with emphasis on talent. CorPower’s HiWave-5 Project, in Viana do Castelo, a global 16.3 MEUR investment, is a firm step to consolidate Portugal in the world vanguard of innovation and alternative energies, namely in ocean energy. Its potential for the country is enormous, given the length of the Portuguese coast, and will certainly contribute towards the goal of making the Portuguese economy greener. During these challenging times of COVID-19, it’s even a greater pleasure to see that companies from all over the world continue to trust in Portugal for their R&D and leading projects. Thank you CorPower and welcome to Portugal!”António M. Cunha, President of CCDR-N and Management Authority of NORTE 2020 OP said: Projects of this kind are vital for investment in our Region. Through CorPower, more specifically HiWave Project, it will be possible to highlight the role of the Norte at the forefront and innovation in terms of alternative energies. It is even more gratifying to realize that this project had the support of the European Union through the NORTE 2020 Program, in about seven million Euros. The coming years will be crucial in the application of the “clean energies”, which will allow the bet on a greener economy. This challenge is even more important when we find ourselves in a country where the sea represents an essential element of the economy, society and even culture. With 144 kilometers of coastline, Norte Region is, without any doubt, the best place for a project of this type!”

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