Stockholm-based CorPower Ocean, a company that designs, manufactures and operates wave energy farms, has added two new strategic investors to its Series B funding round.
Acario, the venture investment arm of Tokyo Gas based in Silicon Valley, and GTT Strategic Ventures, the investment fund of French group GTT, have joined the effort.
This investment follows CorPower Ocean’s earlier €32M Series B1 raise. The funding supports the company’s goal of advancing wave energy as a source of electricity.
Patrik Möller, CEO and co-founder of CorPower Ocean, says, “We are delighted to welcome GTT and Tokyo Gas via Acario as shareholders. They bring significant engineering and industrial scale-up expertise, and we are looking forward to having their support in making wave energy a mainstream energy source.”
“The potential of co-locating CorPack wave arrays with offshore wind and solar installations around the world to enable 24/7 clean power is a major opportunity that we are excited to develop together with strong partners.”
Strengthening support with technical expertise and market access
Tokyo Gas and GTT Group have joined the consortium supporting CorPower Ocean as it moves toward global commercial rollout. By contributing engineering knowledge, operational experience, and access to international markets, both companies aim to support the company’s wave energy technology.
The consortium now includes NordicNinja VC, SEB Greentech, InnoEnergy, Cisco Investments, Santander Asset Management, and Iberis Capital. Together, they provide funding and technical input, while helping CorPower Ocean scale internationally.
Tokyo Gas supplies energy to around 13 million gas and 4 million electricity customers in Japan. Through its venture arm, Acario, the company invests in technologies that support the shift toward a low-emissions energy system.
Acario is focused on advancing the new energy economy. It invests in technology companies developing solutions for decarbonisation, energy system optimisation, and energy resilience. Through partnerships and strategic investments, Acario supports the commercialisation of innovations that address the evolving demands of the energy sector.
Kenji Maeda, CEO of Acario, says, “We are excited to join CorPower Ocean and support the goal of realising wave energy as a stable utility-scale renewable resource globally. The ocean demonstrates incredible potential to meet the world’s rapidly growing need for clean energy and energy security.”
“CorPower Ocean is in a unique position to fulfil this opportunity by delivering high-capacity factor clean power at an affordable cost – with high reliability. Our participation demonstrates Acario’s dedication to supporting remarkable innovators who are building the future of energy systems.”
As for GTT Group, through its investment division, GTT Strategic Ventures, it brings decades of experience in cryogenic systems for liquefied gas transport and storage. The company supports innovations in clean and climate tech, aligned with its focus on next-generation energy infrastructure.
By combining financial backing with industrial expertise, the consortium aims to accelerate CorPower Ocean’s growth in the global energy sector.
Hélène Loncin, Head of GTT Strategic Ventures, mentions, “We are proud to support CorPower Ocean in its mission to unlock the vast potential of wave energy. As a clean, ocean-based power source, wave energy can play a critical role in addressing key challenges of the energy transition – from ensuring the availability of green electricity to enabling local production and supporting grid balancing.”
“This investment reflects GTT’s commitment to fostering pioneering technologies that contribute to a sustainable energy future.”
Supplying wave energy systems for clean power generation
CorPower Ocean is working to address the demand for continuous, clean electricity by reducing reliance on fossil fuels. The company supports the global transition to renewable energy by integrating wave power as a consistent part of the energy mix.
Its focus is on overcoming challenges related to energy supply stability, infrastructure requirements, and compatibility with existing renewable sources such as wind and solar.
To meet these needs, CorPower Ocean has developed a Wave Energy Converter (WEC) that produces electricity from ocean waves. The design is inspired by the pumping motion of the human heart, enabling high energy output with a smaller amount of material per unit.
The technology delivers five times more electricity per ton than previously known wave energy systems. This performance is made possible by combining strong energy capture in regular sea conditions with the ability to operate safely during storms.
CorPower WECs are compact, yet capable of harvesting large amounts of electricity. A 300kW device, for example, has a diameter of 9 meters and weighs 70 tonnes. The reduced size and weight help lower both capital and operational costs, as the devices require less material, are easier to transport, and simpler to install and maintain.
CorPower Ocean contributes to the development of a technology that can expand access to clean electricity for industries, grids, and other large-scale users.
The company operates in Sweden, Portugal, Norway, and Scotland, and is supported by public institutions and private investors across Europe.
The funders include EIT InnoEnergy, the European Commission, the Swedish Energy Agency, AICEP Global (Norte2020), Wave Energy Scotland, CoreSpring New Technology, ALMI Greentech, SEB Greentech VC and additional private investors.
