Swedish wave energy developer CorPower Ocean has been put in charge of $35 million (€30 million) European project aimed at improving the competitiveness and bankability of wave energy farms, with large-scale validation work planned in U.K. waters.
The POWER-Farm EU Project, supported by a $22.1 million (€19 million) Horizon Europe grant, will demonstrate the survivability, reliability and performance of wave energy systems at the European Marine Energy Centre (EMEC) in Scotland.
The initiative focuses on proving technology readiness for commercial deployment and accelerating volume manufacturing across Europe.
Partners include EMEC, the University of Edinburgh, Ocean Energy Europe, Renewable Risk Advisers, and Kristinehamn Teknik & Service.
CorPower said the program reinforces Europe’s position in clean-energy innovation and supports the UK’s ambitions in floating renewable technologies. With an estimated 25GW of practical wave deployment potential, the U.K. is viewed as a key future market.
The project builds on CorPower’s wave energy converter technology currently operating off Portugal and aims to prove the scalability of European, particularly U.K. and Scottish, manufacturing capability for future wave farms.
“The POWER-Farm EU initiative arrives at a pivotal moment for the wave-energy sector, as the industry shifts from research and development to commercial deployments. With Europe investing to bring wave energy to farm-scale readiness, we urge the UK to match this ambition and unlock its vast wave-energy potential.
“The U.K. is uniquely positioned to become a global leader in this emerging frontier, establishing a major new sector driving economic growth and job creation. With the right support and a clear route to market, developers and investors will have the certainty they need to deliver the nation’s first commercial wave-energy arrays, while ensuring the UK can capitalize on this golden opportunity,” said Anders Jansson, Head of Business Development at CorPower Ocean.
CorPower noted research indicating that wave energy, under a high-growth scenario supported by a modernized UK supply chain, could deliver more than $40 billion (£30 billion) in gross value added to the economy and support tens of thousands of jobs. When combined with tidal stream energy, the sector’s economic impact could exceed $66.6 billion (£50 billion).