CorPower Ocean shares
Unlisted company
CorPower Ocean AB is a Swedish energy technology company that develops and manufactures wave energy converters for large-scale electricity production from ocean waves. The company was founded in 2012 by Patrik Möller, building on a pumping principle originally formulated by the cardiologist Stig Lundbäck. Its head office is in Stockholm, with manufacturing, assembly and service centralised at a facility in Viana do Castelo, Portugal, and smaller offices in Norway and Scotland.
The technology
The technology is based on a point-absorbing buoy combined with a patented WaveSpring phase control. The control amplifies the buoy’s motion in normal sea states to maximise electricity output per unit of equipment, and detunes the unit in storms to protect the components from extreme loads. The converters are installed in modular clusters, known as CorPack, of around 25 units with a combined capacity of about 10 MW per cluster, which in turn can be combined into wave farms at larger scale.
How the company makes money
The business model is built on delivering complete wave energy systems to utilities, independent power producers and offshore project developers that want to establish commercial wave farms. Revenue comes from the sale of converters and associated infrastructure, complemented by long-term service and maintenance commitments over the units’ lifetime. The customer and development base consists primarily of players in markets with strong wave conditions along the Atlantic coast, including partnerships with ESB and Simply Blue Group in Ireland and projects in Portugal and the United Kingdom.
Commercialisation and growth
The full-scale C4 converter has been grid-connected off Aguçadoura in Portugal and is undergoing type certification with DNV as a mark of quality ahead of commercialisation. The growth strategy rests on completing the type certification, validating the first commercial reference park in Portugal and then scaling production and the rollout of CorPack clusters together with European and international utilities.
Revenue model
Complete wave energy systems
Service and maintenance over the lifetime
Utilities and project developers
Business model characteristics
Patented WaveSpring technology
CorPack clusters of about 10 MW
Manufacturing in Viana do Castelo
Cleantech investors and public funding
Financial performance
Published 11 September 2026Published figures from the company’s own reports. Amounts in MSEK · change from the previous year
- Cash and bank 2025-12-31
- 83MSEK
- Burn rate
- 5.1MSEK/mo
- Runway
- 16mo
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Net sales | 3.6(+76.7 %) | 2(-22.1 %) | 2.6(+44.3 %) | 1.8(+34.2 %) |
| Revenue growth | 76.7%(+98.8 pp) | -22.1%(-66.4 pp) | 44.3%(+10.1 pp) | 34.2%(+10.9 pp) |
| EBITDA | -25 | – | -12 | -7.8(-634.9 %) |
| EBIT | -25 | – | -12 | -8.9(-779.4 %) |
| Net income | -25 | – | -14 | -8.3(-441.3 %) |
| Equity | 503 | – | 162(-8.6 %) | 178(-1.6 %) |
| Cash and bank | 83 | – | 15(-51.9 %) | 32(-52.8 %) |
| Operating cash flow | -61 | -43 | -28(-167.2 %) | 41(+185.2 %) |
Documents and reports
4New share issues
Latest 1An overview of the company’s capital raising.
| Date | Capital raised | Valuation |
|---|---|---|
| SEK 32m | SEK 1bn |
Questions about CorPower Ocean
Is CorPower Ocean listed on a stock exchange?
No, CorPower Ocean is a public limited company (publ) but is not listed on a stock exchange. The company has not carried out an IPO, so the share is not traded on a regulated exchange but on the unlisted market.
What does CorPower Ocean do?
CorPower Ocean is a Swedish energy technology company in wave power. It develops and manufactures wave energy converters for large-scale electricity production from ocean waves, based on a point-absorbing buoy with patented WaveSpring phase control.
Can I buy shares in CorPower Ocean?
Yes, it is possible to buy CorPower Ocean shares through trading in unlisted shares, provided there are sellers. Through Eqvor you can place a buy order and be matched with sellers on the unlisted market.
How do I sell shares in CorPower Ocean?
If you own shares in CorPower Ocean, you can place a sell order through Eqvor and be matched with buyers. Once the trade is completed, the shares are transferred in line with the company's Euroclear-connected custody structure.
Is CorPower Ocean connected to Euroclear?
Yes, CorPower Ocean is connected to Euroclear. That means the shares are handled in the Swedish securities system and can be delivered to an account with the bank or investment firm of your choice once a trade is completed.
Can I hold CorPower Ocean shares at Avanza or Nordnet?
Yes. Because CorPower Ocean is connected to Euroclear, the shares can normally be held in an account at Avanza or Nordnet, for example, provided the bank or online broker supports custody of unlisted shares.
Does CorPower Ocean have hembud or pre-emption clauses?
Yes, CorPower Ocean has hembud (a right of redemption for existing shareholders) or pre-emption rights. That means share transfers may have to be handled under specific terms before shares are sold on to an external buyer.
At what price does the CorPower Ocean share trade?
Because CorPower Ocean is not listed on a stock exchange, there is no official price on a regulated marketplace. The price is instead set by supply and demand between buyers and sellers on the unlisted market.
When will CorPower Ocean be listed on a stock exchange?
There is currently no publicly communicated timetable for a stock exchange listing of CorPower Ocean. We therefore do not know today when CorPower Ocean might be listed, or whether the company will carry out an IPO.
What are the risks of investing in CorPower Ocean?
Investing in CorPower Ocean involves risk, as with other investments in unlisted shares. The company's value can be affected by technology development, commercialisation, capital needs, regulatory processes, project financing and demand for wave power as an energy source. Trading in unlisted shares also normally means lower liquidity than trading in exchange-listed shares.
Where do I find CorPower Ocean's annual report?
CorPower Ocean's annual report is available under Investor relations and Financial reports. The company's annual reports can be downloaded there.
Has CorPower Ocean carried out share issues?
Yes, CorPower Ocean has carried out capital raises and earlier share issues. CorPower Ocean's capital raised is stated as SEK 598.4 million, which shows how much capital the company has raised through previous financing.
How much capital has CorPower Ocean raised in total?
CorPower Ocean's capital raised is stated as SEK 598.4 million. An equity raise is the English term for a capital raise; in Swedish, terms such as kapitalrunda, finansiering or nyemission are more commonly used.
Has CorPower Ocean reported a profit or a loss?
CorPower Ocean reports a negative result in the latest available information. Under Key figures, EBITDA is stated as SEK -11,546 thousand and the net result as SEK -13,854 thousand. The company's earnings trend is also shown in the Result per year chart.