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CorPower Ocean raises EUR 2.3m from industrial investors

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

December 20 (Renewables Now) - Wave energy converters (WECs) developer CorPower Ocean AB said today it has secured EUR 2.3 million (USD 2.6m) in its latest equity funding round.

The new industrial investors include Midroc New Technology, Almi Invest’s Greentech fund and InnoEnergy. Financial backing also comes from a group of private investors such as Claes Eriksson.

Sweden-based CorPower said that the latest equity investment is part of a larger funding package that targets EUR 45 million. This sum should help the company take its wave energy technology through commercial scale demonstration until 2023. It is currently working to achieve this objective, having successfully verified its C3 WEC at the European Marine Energy Centre in Orkney, Scotland.

The wave energy firm previously got EUR 8.5 million in funding from the Swedish Energy Agency and a further EUR 2.3 million from the OCEANERA-NET co-fund.

(EUR 1.0 = USD 1.145)

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