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SEB Greentech invests in wave energy technology

SEB Greentech VC, the unit that SEB created in the autumn to invest in green technology, is now making its second investment by participating in a private placement in the Swedish company CorPower Ocean, a global leader in wave energy technology.

The company raised 9 million euros in the private placement, extending its equity funding to 20.3 million euros. Apart from SEB Greentech, Midroc New Technology, family offices and private investors participated in the investment round. The money raised will enable the commercial scale demonstration of CorPower Ocean’s wave-energy technology as well as the long-term development of supply and service capacity for commercial wave farms. 

SEB is thrilled and proud to back this world-leading team in their advancements to harvest clean and cost-efficient energy from the oceans. ” says Markus Hökfelt, head of SEB Greentech, who will now join CorPower Ocean’s board. “It remains one of the most challenging and demanding environments to conquer and one in which many have failed. However, CorPower is delivering a rare combination of innovative technology and sound financial metrics to make it a reality. The economic and environmental benefits could be pivotal to the clean energy transition enabling deeply decarbonized energy system around the world.

CorPower Ocean’s new generation of high-efficiency Wave Energy Converters (WECs) are inspired by the pumping principles of the human heart, with advanced control technology allowing large amounts of energy to be harvested using small, low-cost devices. A unique solution makes them transparent to storm waves, which provides survivability in the harshest ocean conditions.

“We are delighted to see continued strong support from investors who share our vision of bringing reliable and competitive wave energy technology to the world, unlocking one of the largest untapped sources of clean energy on earth,” says Patrik Möller, the CEO of CorPower Ocean. “We welcome SEB Greentech VC and several new family offices and private investors as shareholders in CorPower.”

The investment in CorPower Ocean is SEB Greentech’s second investment. Earlier this year, SEB Greentech participated in a financing round by the Swedish company EnginZyme, which has developed a technology for sustainable, biological chemical production.

Press release from CorPower Ocean

Read earlier article:

SEB Greentech makes its first investment in green chemical production