Investment secured for Portuguese wave project in Northern Portugal

Portuguese authorities have joined the Swedish Energy Agency, EIT InnoEnergy and private investors to support wave energy developer CorPower’s flagship HiWave-5 demonstration project in northern Portugal.

The investment supported by the European Union is provided through the NORTE 2020 Program operated by aicep Portugal Global(Portuguese Trade & Investment Agency) and CCDR-N (Norte Portugal Regional Coordination and Development Commission). It forms part of the HiWave-5 demonstration project aimed at bringing CorPower’s wave technology to a bankable product offering by 2024, by proving the survivability, performance and economics of a grid-connected array of Wave Energy Converters. It is designed to unlock mainstream renewable project financing for subsequent commercial array projects.

The investment will be used to help build a world-class wave energy base in Viana do Castelo, northern Portugal, including R&D, Manufacturing & Servicing facilities. Proceeds will be used to demonstrate the first commercial scale WEC within CorPower’s flagshipHiWave-5 project – and for the long-term development of supply and service capacity for commercial wave energy farms.

CorPower Ocean CEO Patrik Möller said the funding decision reaffirms Portugal’s commitment to the ocean energy sector: “We are pleased to announce this positive development which will allow us to further ramp up operations in Portugal,” he said. “We are gaining strong momentum with our new R&D Centre nearing completion and a fast-expanding team. While Portugal offers ideal natural conditions for the demonstration project it also crucially shares our passion and vision for ocean energy. There is firm political will to maintain its position as a leader in clean energy, which is reflected in this recent investment in CorPower. Our work is well aligned with the Portuguese Industrial Strategy for Ocean Renewable Energies, which aims to create a competitive and innovative industrial export cluster. Together we will continue working closely to attract the attention of global utilities and project developers through next generation wave energy.”