November 7 (SeeNews) - Swedish wave energy converter (WEC) developer CorPower Ocean AB has been awarded a EUR-4-million (USD 4.4m) EU grant for its WaveBoost project.
The three-year innovation programme aims to improve the reliability and performance of wave energy converters through the use of pneumatic components and advanced control technology. The goal is to increase energy production, reduce capital expenditure (CAPEX) and improve grid integration of wave energy farms, leading to an up to 30% reduction in the cost of energy, according to an announcement today by the European Marine Energy Centre (EMEC).
Participants from Sweden, Scotland and Portugal are taking part in the project, including utility EDP, EMEC, WavEC Offshore Renewables, the University of Edinburgh, SP Technical Research Institute, PMC Cylinders, GS-Hydro and CorPower.
The grant has been awarded as part of the European Commission's (EC) Horizon 2020 call for funding.
CorPower is currently conducting dry testing of its next wave power plant in Sweden. Once full qualification has been completed, the system will be installed at EMEC in Scotland during first half of next year.
(EUR 1.0 = USD 1.104)