The funds will be used to run tests in the torrent Atlantic ocean off the coast of Scotland.
“CorPower has grown from a one person company with a small scale prototype to a 12 person team with a proven device that can tap into the under-utilised power of the ocean,” said Patrik Möller, CEO, CorPower Ocean.
“I am very proud that KIC InnoEnergy and the Swedish Energy Agency have supported HiWave to this point," Möller continued. "Our next goal is to test the prototype in the sea off the coast of Scotland, and to show the same good performance as in the previous scale trials conducted in Portugal and France. If the project reaches these set goals, it will mark a major step forward for wave power globally.”
In a written statement the companies said HiWave has demonstrated unprecedented efficiency rates in wave energy absorption, delivering five times higher energy density compared with previously developed technology, and at a third of the cost.
This new investment is in addition to €6 million already invested by KIC InnoEnergy and the Swedish Energy Agency.
KIC InnoEnergy has invested a total of €3 million in the technology since its inception in 2009. The company has also provided support by connecting CorPower with Iberdrola Engineering and WavEC for collaboration, developing its supply chain, putting forward partnerships with established industry-leading drive train and cylinder manufacturers, and helping to structure the company’s product verification methodology.
“The ocean has enough power to cover more than 10 per cent of the world’s energy demand,” said Kenneth Johansson, CEO, KIC InnoEnergy Sweden. “I am very excited that the support and funding that KIC InnoEnergy has put into HiWave is resulting in a disruptive potential breakthrough within the wave power industry, after years of struggle to prove its financial viability. I am also glad to conclude that the KIC InnoEnergy innovation model, based on our international network complementing national funding agencies, such as the Swedish Energy Agency, has enabled the HiWave project and the company CorPower to get to this point.”
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