Midroc New Technology leads €9m round for CorPower Ocean

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).