LONDON, Oct 16 (Reuters) - CorPower Ocean has secured 32 million euros ($35 million) of funding to support the commercialisation of wave energy technology, the firm said on Wednesday.

Some countries are developing wind and tidal energy projects to help reduce emissions and meet climate goals.

Wave power is more predictable than wind power and it increases during the winter, when electricity demand is high, but costs are still high and the industry is not yet at large-scale commercialisation.

The investment in CorPower comes after its wave technology demonstration project in Portugal showed its ability to operate in Atlantic storms combined with a large power generation capacity, the firm said.

The consortium of investors to commit funds was led by Japanese-backed venture capital firm NordicNinja VC, SEB's (SEBa.ST) , opens new tab clean technology investment arm SEB Greentech and InnoEnergy.

The consortium also includes Santander Asset Management, Iberis Capital, Cisco Investments and existing shareholders.

Headquartered in Sweden, CorPower Ocean said it has so far secured 95 million euros in funding from private and public investors and has demonstrated four generations of its technology.

Project developers are using CorPower Ocean's technology at sites in Scotland, Ireland, Portugal and Norway, it said.

($1 = 0.9191 euros)

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https://www.reuters.com/business/energy/wave-energy-technology-firm-corpower-ocean-secures-32-million-euros-2024-10-16/