CorPower Ocean
CorPower Ocean is a Stockholm-based wave energy technology company that designs point-absorber Wave Energy Converters and modular CorPack wave farms, targeting utilities, project developers, and energy-intensive customers seeking 24/7 carbon-free power.
- Company typePrivate
- Founded2012
- HeadquartersStockholm, Sweden
- Headcount101–250
- GTM typeB2B
- OfferingHardware or Manufacturing
What CorPower Ocean does
CorPower Ocean AB is a Stockholm-headquartered Swedish wave energy technology company founded in 2012 that designs and manufactures point-absorber Wave Energy Converters (WECs) and integrated wave farm systems. Its core technology stack centers on the patented WaveSpring phase-control mechanism — a negative-spring function inspired by the human heart's pumping principle — combined with a Cascade Gearbox power take-off (96–99% conversion efficiency), a Pre-tension Cylinder for storm survivability, a lightweight composite buoy, and the UMACK low-noise mooring/anchor system. These components are bundled into the CorPack product, a modular 10–30 MW turnkey wave farm cluster that the company sells to utilities, project developers, and energy-intensive end users such as data center operators and green hydrogen producers.
The company operates a high-touch enterprise go-to-market model: long-cycle bilateral sales to utilities and energy majors (EDP, ESB, TotalEnergies, Simply Blue Group, Argyll Infrastructure), supported by a Pilot Access Program for strategic customer engagement and a three-phase services offering (opportunity assessment, project development, project delivery). Near-term flagship projects include the 1.2 MW HiWave-5 demonstration at Aguçadoura, Portugal (operational since October 2023), the 10 MW VianaWave commercial farm (€40M EU Innovation Fund grant, FID 2027), and the 5 MW Valiant/POWER-Farm project at EMEC Orkney (€19M Horizon Europe, FID 2027). Operations target first commercial power in 2029/30. Revenue today is effectively pre-commercial, with ~100 employees across offices in Sweden, Portugal, Norway, and Scotland, funded by €115M+ in combined private equity (€53M Series B led by NordicNinja, SEB Greentech, and EIT InnoEnergy) and non-dilutive EU grants.
CorPower Ocean firmographics
Firmographics- Name
- CorPower Ocean
- Legal name
- CorPower Ocean AB
- Website
- https://corpowerocean.com
- Company type
- Private
- Founded year
- 2012
- Operating status
- Operating
- Headcount range
- 101–250 employees
- Short description
- CorPower Ocean is a Stockholm-based wave energy technology company that designs point-absorber Wave Energy Converters and modular CorPack wave farms, targeting utilities, project developers, and energy-intensive customers seeking 24/7 carbon-free power.
- Ownership category
- akta.pro rank
CorPower Ocean industry classification
Industry- Product category
- Wave Energy Equipment
- NAICS
- Aquaculture (11251)
- SIC
- Water Transportation (4400)
- akta.pro primary industry
- Wave Energy Converter (WEC) Power Generation (EUACAJAC)
Keywords
Where CorPower Ocean is headquartered
LocationHeadquarters
- HQ city
- Stockholm
- HQ country
- Sweden
- HQ region
- Europe
Offices6 records
Markets served
CorPower Ocean business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Personnel, Technology or R&D, Operations, Supply Chain, Infrastructure, Marketing or Sales
Revenue model
- Wave Farm Project Delivery (Turnkey CorPack Sales): One-time capital sales of integrated CorPack wave clusters, including Wave Energy Converters, mooring systems, tidal compensation units, anchors, intra-array cables, and floating collection hubs. Multi-million EUR/MW contracts negotiated bilaterally with utilities, energy companies, and project developers.
- Wave Energy Services (Consulting & Project Development): Fee-based services across three phases: opportunity assessment (site analysis, modeling, business case), project development (engineering, permitting, EIA, stakeholder engagement, commercial structuring), and project delivery (manufacturing oversight, installation, commissioning). Delivered through CorPower's in-house teams.
- Operations & Maintenance Services: Long-term warranty-backed O&M contracts with fixed-price and time-and-materials options, plus outcome-based availability frameworks (time-based or energy-based). Includes remote monitoring & control, preventive maintenance, inspections, spare parts inventory, and control-software releases.
- Non-Dilutive Public Grants & Subsidies: Receipt of EU Innovation Fund grants (€40M for VianaWave), Horizon Europe grants (€19M for Valiant/POWER-Farm), EIC Accelerator funding (up to €17.5M), and Swedish Energy Agency support. Funds used to de-risk first-of-a-kind commercial projects.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | — | Turnkey CorPack wave cluster pricing (10-30 MW per array) |
| Outcome Based/ Performance | — | Operations & Maintenance service contracts |
| Other | — | Opportunity assessment and project development services |
Go-to-market motion4 records
Distribution channels4 records
Marketing channels9 records
CorPower Ocean product offering
Product offeringCore offering
CorPower Ocean designs, manufactures and sells modular CorPack wave energy clusters (10–30 MW per array) built from point-absorber Wave Energy Converters (WECs), with the C4 (300 kW) currently deployed at Aguçadoura, Portugal and the C5 next-generation device targeting DNV type certification. The company also delivers end-to-end project services — Opportunity Assessment, Project Development, and Project Delivery — together with long-term Operations & Maintenance contracts to utilities, energy companies, and project developers deploying utility-scale wave farms. Revenue is complemented by non-dilutive EU public grants used to de-risk first-of-a-kind commercial projects.
Product overview
CorPower Ocean offers a modular, platform-plus-modules architecture for utility-scale wave energy, anchored by the CorPack (the core product offering) — a turnkey 10–30 MW wave energy cluster bundling multiple Wave Energy Converters, mooring solutions, electrical collection, and a floating hub. The two main device variants are the C4 WEC (300 kW, the first full-scale device deployed offshore Portugal since October 2023) and the C5 WEC (the next-generation device targeting DNV type certification by 2027). Five patented/innovative sub-products underpin every WEC: WaveSpring (negative-spring phase control), Cascade Gearbox (mechanical PTO), Pre-tension Cylinder (storm protection), Composite Buoy (lightweight hull), and the UMACK Anchor System (low-noise mooring). On-site composite hull production is enabled by the Mobile Factory concept, and fleet-wide operations are managed through CorPower's SCADA Monitoring & Control Platform with AI-driven autonomous control. Three professional services — Opportunity Assessment, Project Development, and Project Delivery — guide partners from site screening through full-scale commercial deployment, including a tailored O&M service package.
Differentiator
Problem solved
Functional benefit
Brands
- CorPack: A modular wave energy cluster product line from CorPower Ocean that bundles arrays of Wave Energy Converters (WECs), balance-of-plant systems (interconnecting cables, floating collection hub), and anchoring/mooring solutions into 10-30 MW turnkey wave farm building blocks.
- HiWave-5
- VianaWave
- Valiant
- UMACK
Products and services
- CorPack Wave Cluster System
Companies that use CorPower Ocean
Customer profileNamed customers6 records
Segments6 records
Ideal customer profiles5 records
CorPower Ocean technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration1 record
AI capability7 records
Feature8 records
CorPower Ocean partnerships and signals
Strategic signalPartnerships
17 partnerships are on record, tiered core and flagship.
- Dieseko GroupcoreStrategic partnership on VibroDrive+ project for offshore anchor installation technology. Dieseko Group brings vibro-hammer expertise complementing CorPower Ocean's UMACK anchor system.
- Ocean Energy EuropeflagshipCorPower Ocean became Lead Partner of Ocean Energy Europe (October 2025); CEO Patrik Möller continues to serve as co-president on OEE's Board of Directors. The industry group includes EDF, HydroQuest, Orbital Marine Power, and other ocean energy developers.
- EquipmakecoreSigned development agreement (April 2025) to collaborate on motor/generator technology for wave energy converters.
- NTNU (Norwegian University of Science and Technology)flagshipResearch and co-development partner on AI-controlled wave energy technology (WACE project funded by Sweden's Vinnova, running until November 2025). Co-developed CorPower Ocean's advanced control systems; collaboration continues on AI/optimization strategies for WECs.
- OPS SolutionscoreTechnology development partnership (February 2025) to develop ground-breaking tech reducing wave energy converter cost and mass.
- Switch2corePartnership on wave-powered green ammonia production (December 2024) — exploring floating green ammonia facility powered by CorPower Ocean's wave energy buoys.
- SSABcorePartnership to explore the development of one of the world's first wave energy power plants made using fossil-free steel (October 2023).
- Simply Blue GroupcoreProject developer partner on the SAOIRSE 5 MW wave energy project in Ireland; ESB subsequently joined as co-partner on the project.
- AltaSeacorePartnership with California's AltaSea to prepare CorPower Ocean's US expansion (September 2023).
- EMEC (European Marine Energy Centre)flagshipStrategic test site partner hosting the Valiant 5MW project at EMEC's pre-consented Billia Croo site in Orkney, Scotland. Independent performance validation partner and host of the POWER-Farm EU Project demonstrations. Also hosted Stage 3 C3 WEC testing at EMEC Scapa Flow.
- WavEC (Wave Energy Centre, Portugal)flagshipIndependent validation partner delivering environmental monitoring programs at Aguçadoura site and providing performance validation of CorPower Ocean's WEC technology.
- Wave Energy ScotlandcoreInstitutional & technical validation partner supporting wave energy innovation in Scotland.
- University of EdinburghcoreAcademic research partner conducting techno-economic analyses of CorPower wave farms (e.g., 10MW Agucadoura study finding 2.79 €/MW GVA and 54.27 job-years).
- AICEP Portugal GlobalcorePortuguese trade and investment agency supporting the company's establishment and expansion in Portugal (Iberia office).
- Marine Energy Council (UK)coreMember of the UK Marine Energy Council — industry advocacy body promoting wave and tidal energy deployment.
- Natural Hydropower Association's Marine Energy Council (US)coreMember of the US Marine Energy Council within the Natural Hydropower Association — supporting US policy advocacy for marine energy.
- DNVflagshipIndependent certification body providing ISO 9001 certification, DNV Statement of Feasibility for C3, DNV prototype certification of C4, and DNV type certification of C5 CorPack. Product certification partner.
Scale indicators22 records
Recent moves7 records
Expansion highlights6 records
CorPower Ocean competitors and assessment
Company assessmentDirect peers
- Eco Wave Power: Israel-based developer of onshore and near-shore wave energy converters using floaters attached to existing coastal structures. Eco Wave Power and CorPower both target commercial wave energy deployment but address different site conditions (near-shore vs. open ocean).
- Wave Swell Energy: New Zealand/Australia-based developer of oscillating water column wave energy technology. Wave Swell and CorPower are both pursuing commercial wave energy with patented device architectures and have reached ocean demonstration milestones.
- Carnegie Clean Energy: Australian developer of CETO wave energy technology, now focused on the MoorPower at-sea wave energy product. Both companies are pursuing commercial-scale wave energy at similar development stages with utility and project developer partners.
- Mocean Energy: Scotland-based wave energy developer behind the BLUE X wave energy converter. Both CorPower and Mocean operate within the EMEC test ecosystem in Orkney, are pursuing utility-scale wave farm projects in the UK, and are direct competitors in the European wave energy category.
- AWS Ocean Energy: UK-based developer of the Archimedes Wave Swing submerged WEC technology. Both companies are European WEC developers with utility-scale ambitions and have engaged with EMEC and other test infrastructure for ocean validation.
- CalWave Power Technologies: California-based wave energy developer that completed open-ocean trials of its buoy technology. CalWave and CorPower are both next-generation wave energy companies pursuing utility-scale commercial deployment with patented WEC technologies.
- Orbital Marine Power: Scotland-based developer of floating tidal stream turbines (O2). Both CorPower and Orbital are leading European wave/tidal energy developers, share the Scottish/Nordic marine energy ecosystem (EMEC, Ocean Energy Europe membership), and target utility-scale renewable firm power markets. Orbital has more operational hours on its O2 device but uses a different technology pathway (tidal vs. wave).
- Wello Oy: Finnish developer of the Penguin wave energy converter. Both CorPower and Wello are Northern European WEC developers targeting utility-scale wave farms, with Wello having completed ocean trials of its Penguin device and pursuing commercial deployment.
Emerging players
- SINN Power: German developer of modular wave energy converters. Both companies target modular, scalable wave energy architectures with multiple small units rather than few large devices. SINN Power is at earlier commercialization stage with focused applications in southern European waters.
- Minesto: Swedish developer of tidal kite technology (Deep Green). Minesto is geographically and thematically adjacent as a Swedish marine energy developer pursuing utility-scale commercial deployment, though its tidal-stream technology differs from CorPower's wave energy converter approach.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
CorPower Ocean social profiles
Digital presenceCorPower Ocean compliance and trust
Trust signalCompliance4 records
CorPower Ocean financial estimates
Financial estimateRevenue estimate
Valuation estimate
CorPower Ocean leadership team
Management profileNumber of profiles
Profiles18 records
CorPower Ocean subsidiaries and ownership
Company hierarchySubsidiaries1 record
CorPower Ocean funding detail
Funding detailFunding overview
Funding rounds13 records
Investors18 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
CorPower Ocean M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about CorPower Ocean
What does CorPower Ocean do?
CorPower Ocean designs, manufactures and sells modular CorPack wave energy clusters (10–30 MW per array) built from point-absorber Wave Energy Converters (WECs), with the C4 (300 kW) currently deployed at Aguçadoura, Portugal and the C5 next-generation device targeting DNV type certification. The company also delivers end-to-end project services — Opportunity Assessment, Project Development, and Project Delivery — together with long-term Operations & Maintenance contracts to utilities, energy companies, and project developers deploying utility-scale wave farms. Revenue is complemented by non-dilutive EU public grants used to de-risk first-of-a-kind commercial projects.
Is CorPower Ocean a public or private company?
CorPower Ocean is a private company. It is classified as venture growth investor backed and is currently operating.
When was CorPower Ocean founded?
CorPower Ocean was founded in 2012. It employs 101 to 250 people.
Where is CorPower Ocean based?
CorPower Ocean is headquartered in Stockholm, Sweden, in the Europe region.
How does CorPower Ocean make money?
Four revenue lines are on record. Wave Farm Project Delivery (Turnkey CorPack Sales) is the primary driver. The others are wave Energy Services (Consulting & Project Development), operations & Maintenance Services and non-Dilutive Public Grants & Subsidies.
Who are CorPower Ocean's main competitors?
Direct peers on record are Eco Wave Power, Wave Swell Energy, Carnegie Clean Energy, Mocean Energy, AWS Ocean Energy, CalWave Power Technologies, Orbital Marine Power and Wello Oy. Emerging players are SINN Power and Minesto.
Does CorPower Ocean have an API?
No public API is recorded for CorPower Ocean.
What industry is CorPower Ocean in?
CorPower Ocean's product category is Wave Energy Equipment. Its primary akta.pro industry code is EUACAJAC, Wave Energy Converter (WEC) Power Generation. Its NAICS code is 11251 and its SIC code is 4400.