In an interview with Dagens industri, Corpower Ocean founder Patrik Möller talks about the company’s plans for the world’s largest wave energy park — and why wave power could become Europe’s third-largest energy source.
- One buoy in commercial operation in Portugal — 45 planned within 2.5 years
- Fifth-generation buoy halves the manufacturing cost
- Valued at 1.2 MDSEK. Possible stock exchange listing from 2029.
- 71.5 MEUR in EU funding so far — needs a further approx. 120 MEUR from public funds
The interview in brief
In an interview with Dagens industri, Patrik Möller, CEO and founder of Stockholm-based Corpower Ocean, describes how the company aims to take wave power from a niche to a large-scale energy source. The company currently has an 18-metre-tall buoy in commercial operation off Portugal. In 2.5 years there are to be 45 — which, according to the company, would make up the world’s largest wave energy park.
Möller believes that the global potential of wave power lies somewhere between 500 and 1,500 gigawatts and calls it “the largest clean untapped energy source”. By 2040 Corpower Ocean hopes to have installed more than 32,000 buoys with annual production of 60 terawatt hours — equivalent to the electricity consumption of three million Swedish households.
Technology and head start
The technology is based on research by the Swedish cardiologist Stig Lundbäck, who developed a hydraulic system inspired by how the heart stores and releases energy. According to Möller, Corpower gets five times as much energy per amount of machine as anyone else has achieved. The buoys have a survival mode that withstands waves of up to 20 metres — and using machine learning they predict waves 10–15 seconds in advance. In a cluster, the buoys communicate with each other, which Möller estimates could increase energy production by 20–30 per cent.
The road ahead
This summer production starts of the fifth-generation buoy, which costs roughly half as much to manufacture. The sixth generation, planned for 2028, is the version that will be rolled out commercially. Möller tells DI that the company does not need to invent anything more — now it is about scaling up and driving down the cost.
Corpower Ocean has so far received 71.5 MEUR from the EU Innovation Fund and needs a further approx. 120 MEUR in public funds for the first wave energy park. The company was valued at SEK 1.2 billion in its most recent capital raise in 2025. The share register is managed by Euroclear, and according to Möller a stock exchange listing could become relevant from 2029 onwards.
Source: Dagens industri, 17 May 2026 →
