Stockholm-based CorPower Ocean sums up a year of technical milestones, EU funding and new hires. The first commercial-scale wave energy converter is in operation in Portugal. Commercialisation is planned for 2027.
- CorPower C4 in operation at Aguçadoura, Portugal — the first commercial-scale wave energy converter
- 40 MEUR from the EU Innovation Fund for VianaWave — 30 wave energy converters, 10 MW, 30 GWh/year
- 30 MEUR from Horizon Europe for the Power Farm EU project
- The Series B round closed at 53 MEUR — two new strategic investors
- 110 full-time employees at the time of publication. Group equity ratio: 89.6%
Product & projects
CorPower C4, the company's first commercial-scale wave energy converter, is in operation at Aguçadoura in northern Portugal. In parallel, manufacturing began on the next generation — C5 — which according to the annual report halves both costs and the number of components. The company is in Stage 5 of its verification process, with commercialisation planned for 2027.
EU funding — 70 MEUR across two projects
VianaWave (40 MEUR, EU Innovation Fund): A pre-commercial wave farm off Viana do Castelo, Portugal. 30 wave energy converters in a CorPack configuration, 10 MW, approx. 30 GWh/year — enough for 7,500 Portuguese homes.
Power Farm EU (30 MEUR, Horizon Europe): Led by CorPower Ocean. Validation of wave energy technology for large-scale deployment in British waters. The consortium includes EMEC and the University of Edinburgh, among others.
Financing
The Series B round closed at 53 MEUR. Two new strategic investors joined: Acario Innovation (Tokyo Gas's investment arm) and GTT Strategic Ventures. In addition, 15 MEUR was secured through the EIC Accelerator programme, plus a further 17.5 MEUR for the OEM business.
Key figures — group
| 2025 | 2024 | Change | |
|---|---|---|---|
| Net sales | 3.6 MSEK | 2.0 MSEK | +77% |
| Profit after financial items | -25.4 MSEK | -78.3 MSEK | +68% |
| Total assets | 561.4 MSEK | 590.8 MSEK | -5% |
| Equity ratio | 89.6% | 82.1% | +7.5 pp |
| Quick ratio | 167.4% | 202.0% | -34.6 pp |
Organisation
110 full-time employees at the time of publication (69 in the parent company, 85 in the group during 2025). New members of the management team: Catharina Belfrage Sahlstrand (CCO), Andrew Litchfield (CTO) and Manuel da Rocha (Country Manager Portugal). The company was named on the Global Cleantech 100 list and became the first ocean energy company in Cleantech for Europe.
Events after the end of the financial year
The Power-Farm EU project has started and the company has received a payment of 7.859 MEUR in EU grants. In addition, the company has received new capital from two investors: Algebris Investments (30 MSEK) and the European Innovation Council (14 MEUR).
Source: CorPower Ocean AB — Annual report and consolidated accounts 2025 (corp. ID no. 556584-9824).
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