CorPower Ocean Secures €40 Million EU Boost to Power Next Phase of Wave Energy Innovation

Image Credit: CorPower Ocean

Swedish wave energy developer CorPower Ocean has secured a €40 million grant from the European Union’s Innovation Fund to advance VianaWave, a 10-megawatt pre-commercial wave energy project slated for deployment off the northern coast of Portugal.

The VianaWave initiative will feature 30 wave energy converters, or WECs, arranged in a CorPack array. Together, they are expected to produce approximately 30 gigawatt-hours of electricity each year. That’s enough to power around 7,500 homes annually, marking a significant step forward in harnessing the ocean’s energy.

CorPower Ocean notes that the project is designed to make a meaningful contribution to Portugal’s National Energy and Climate Plan, which aims to achieve 200 megawatts of installed wave capacity by the end of the decade. If all goes according to plan, operations are scheduled to begin in either 2028 or 2029.

The new development builds on CorPower’s earlier HiWave-5 project, a critical milestone in the company’s evolution from pilot testing to commercial-scale deployment. It also involves significant onshore infrastructure, including upgrades to grid facilities in Aguçadoura and Póvoa de Varzim. Additionally, CorPower will establish a new operational base at the Port of Viana do Castelo, deepening its footprint in the region.

“This is a pivotal milestone for CorPower Ocean and the wave energy sector as a whole. VianaWave shows that wave energy is ready to scale. With strong support from the Innovation Fund and the Portuguese ecosystem, we are accelerating the transition to a sustainable, resilient energy system while delivering local economic value,” said Kevin Rebenius, Commercial Director at CorPower Ocean.

According to the company, nearly three-quarters of the project’s lifetime spending will take place within Portugal. This includes a broad range of local investments expected to bolster the country’s engineering, construction, and operations sectors. The initiative aligns with findings from the EU-backed EVOLVE study, which estimated Portugal’s wave energy potential at 15 gigawatts—underscoring the region’s capacity to become a key player in Europe’s clean energy landscape.

At the heart of CorPower Ocean’s technology is a sophisticated tuning and detuning system built into each wave energy converter. This allows the devices to adjust dynamically to shifting ocean conditions. During storms, they can minimise movement to avoid damage, while in calmer seas, they maximise energy capture through controlled amplification.

The HiWave-5 project, launched earlier, remains central to CorPower’s roadmap for commercialising wave energy by 2030. It focuses on deploying a full-scale WEC system off the coast of Aguçadoura, serving as a bridge between research and development and full-scale utility deployment.

Adding to the momentum, CorPower recently secured new backing through its Series B funding round. Strategic investors now include Acario, the venture capital arm of Tokyo Gas, and GTT Strategic Ventures, an affiliate of the French LNG technology firm GTT.

As Portugal continues to emerge as a clean technology hub in Europe, projects like VianaWave signal not only a commitment to sustainable innovation but also a growing confidence in the viability of wave power as a cornerstone of the future energy mix.