CorPower has announced a €9m (£7.7m) investment, which brings total equity funding to support the demonstration of CorPower’s first commercial scale WEC in the flagship HiWave-5 project – and its long-term development of supply and service capacity for commercial wave farms to €20.3m (£17.5m).
The equity together with public investments from Sweden, Portugal and EU brings the total funding secured for CorPower’s HiWave-5 programme to €38m (£32.7m), supporting CorPower’s pan-European efforts in Sweden, Portugal, Ireland, Scotland and Norway. 
The HiWave-5 demonstration project aims to convert CorPower’s wave technology into a bankable product by 2024, by proving the survivability, performance and economics of a grid-connected array of WECs in northern Portugal. This will unlock mainstream renewable project financing for commercial array projects developed for CorPower’s customers.  
CorPower Ocean is a global leader in wave energy technology. Its new generation of high-efficiency Wave Energy Converters (WECs) are inspired by the pumping principles of the human heart. Advanced control technology allows large amounts of energy to be harvested using small, low-cost devices. A unique solution makes them resistant to storm waves, which provides survivability in the harshest ocean conditions.