Midroc New Technology leads €9m round for CorPower Ocean
Stockholm-based wave energy technology company CorPower Ocean has raised €9m in a funding round led by Midroc New Technology.
SEB Greentech VC, family offices and private investors also participated in the round, bringing the total equity funding that the startup has raised to €20.3m.
The equity, together with public investments from Sweden, Portugal and the EU, brings its total funding to €38m.
The company will use the funding for a commercial-scale demonstration of HiWave-5, its first wave energy converter (WEC).
The HiWave-5 project will be tested in Portugal with the aim of proving the viability of CorPower's wave technology by 2024.
Company
Founded in 2012 and based in Stockholm, CorPower has developed a technology to produce electrical energy from ocean waves. The company has around 60 staff, according to its LinkedIn profile.
People
CorPower Ocean – Patrik Möller (CEO).
Midroc New Technology – Göran Linder (CEO).
SEB Greentech VC – Markus Hökfelt (head).
Advisers
Company – Pareto Securities (bookrunner).
More on Early-stage
Sidekick spinoffs: Insurtech scale-ups attract PE interest
Investment set to break EUR 1.1bn mark this year as sponsors seek for rising stars
World Fund leads EUR 128m raise for quantum computing group IQM
Series-A2 for Finnish startup focused on combating the climate crisis also backed by the EIB
Gorillas raises circa USD 1bn in Delivery Hero-led Series C
New funding comes just seven months after a Series B, with the company doubling in value
French mega-rounds shoot up in 2021
France has already seen as many rounds of EUR 100m and above than in 2019 and 2020 combined, Unquote Data shows
Latest News
Stonehage Fleming raises USD 130m for largest fund to date, eyes 2024 programme
Multi-family office has seen strong appetite, with investor base growing since 2016 to more than 90 family offices, Meiping Yap told Unquote
Permira to take Ergomed private for GBP 703m
Sponsor deploys Permira VIII to ride new wave of take-privates; Blackstone commits GBP 200m in financing for UK-based CRO
Partners Group to release IMs for Civica sale in mid-September
Sponsor acquired the public software group in July 2017 via the same-year vintage Partners Group Global Value 2017
Change of mind: Sponsors take to de-listing their own assets
EQT and Cinven seen as bellweather for funds to reassess options for listed assets trading underwater