The European Investment Bank (EIB) has announced its support for CorPower Ocean’s innovative wave energy project, providing advisory assistance in capital structuring, fundraising material preparation, and financial model development to streamline the fundraising process.
EIB emphasized the project’s potential to deliver continuous and reliable energy by harnessing the natural and consistent motion of ocean waves. This positions CorPower Ocean as a significant contributor to diversifying the global renewable energy portfolio.
CorPower’s wave energy technology complements existing renewable sources like solar, wind, and hydropower, addressing the intermittency challenges often faced by these systems. Its flagship C4 wave energy converter (WEC) has demonstrated resilience, surviving four major storms, including the intense Domingos storm on November 4, 2023, which saw wave heights of up to 18.5 meters.
In December, CorPower Ocean partnered with SwitcH2 to develop an industrial-scale floating green ammonia production facility that will leverage wave energy as part of its power supply.
This initiative underscores CorPower’s mission to unlock the ocean’s kinetic energy for clean electricity while paving the way for industrial applications like green ammonia production.
