Swedish wave energy firm CorPower Ocean has secured two new strategic investors - Acario, the Silicon Valley-based venture investment arm of Tokyo Gas, and GTT Strategic Ventures, the investment fund of French technology and engineering group GTT, as part of its Series B funding round.
The investment builds on CorPower Ocean’s earlier $37.4 million Series B1 raise, marking a significant milestone in scaling wave energy as a mainstream, bankable source of clean electricity.
Tokyo Gas, one of Japan’s largest energy utilities and a major investor in renewable energy, and GTT Group, a global leader in cryogenic technologies for liquefied gas transport, bring strong industrial alignment, engineering expertise, and global credibility to CorPower Ocean’s commercial scale-up journey.
They join a growing investor consortium including NordicNinja VC, SEB Greentech, InnoEnergy, Cisco Investments, Santander Asset Management, and Iberis Capital. providing a powerful combination of capital, deep-tech know-how, and global market access.
“We are delighted to welcome GTT and Tokyo Gas via Acario as shareholders. They bring significant engineering and industrial scale-up expertise, and we are looking forward to having their support in making wave energy a mainstream energy source.
“The potential of co-locating CorPack wave arrays with offshore wind and solar installations around the world to enable 24/7 clean power is a major opportunity that we are excited to develop together with strong partners,” said Patrik Möller, CEO and Co-founder of CorPower Ocean.
"We are proud to support CorPower Ocean in its mission to unlock the vast potential of wave energy. As a clean, ocean-based power source, wave energy can play a critical role in addressing key challenges of the energy transition – from ensuring the availability of green electricity to enabling local production and supporting grid balancing.
“This investment reflects GTT’s commitment to fostering pioneering technologies that contribute to a sustainable energy future,” added Hélène Loncin, Head of GTT Strategic Ventures.