CorPower collects over EUR 20m in equity funding for Portuguese demo

The C3 device in scapa flow, Orkney. Credit: CorPower

February 23 (Renewables Now) - Swedish wave energy converter (WEC) developer CorPower Ocean AB has concluded a EUR-9-million (USD 10.9m) investment round led by Midroc New Technology.

CorPower said in a statement today that the latest investment extends its total equity funding to EUR 20.3 million after securing EUR 9 million in July 2020 and EUR 2.3 million in December 2018.

In addition to Midroc New Technology, other parties that made investments include SEB Greentech VC, family offices and private investors. Pareto Securities served as sole manager and bookrunner in the transaction.

The fresh capital will support the company’s HiWave-5 demonstration project in northern Portugal, which is also backed with public investments from Sweden, Portugal and the EU. In total, the company has obtained EUR 38 million in funding for the HiWave-5 programme.

(EUR 1.0 = USD 1.215)

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