CorPower is establishing a research and development, manufacturing and service centre for wave energy converters in Viana do Castelo, northern Portugal, with a €16 million investment plan.
The location has been chosen to support CorPower’s demonstration project HiWave-5, and for the long-term development of supply and service capacity for commercial wave energy farms.
CorPower’s work complements the Portuguese Industrial Strategy for Ocean Renewable Energies, designed to create a competitive and innovative industrial export cluster for ocean renewable energy.
“This is a crucial stage in our pursuit to develop a new class of high efficiency wave energy converters. CorPower’s goal is to successfully introduce certified and warrantied WEC products to the market by 2024, making wave energy a bankable technology that can attract mainstream renewable project finance.
“Wave energy can play a fundamental role in Portugal’s transition to 100% renewable energy, while providing a platform to drive Portuguese exports and long-term investment opportunities for local supply chains. The HiWave-5 program is recognized as one of the most ambitious efforts in ocean energy. The arrival of HiWave-5 is set to reinforce Portugal’s reputation as a world-leader in renewable energy, with significant investment in people, technology and facilities.”Patrik Möller, CEO of CorPower Ocean.
CorPower and port authority APDL – Administração dos Portos do Douro, Leixões and Viana do Castelo – have reached an agreement to develop the ocean energy facility within the commercial port of Viana do Castelo. It will provide space for the fabrication, assembly and servicing of commercial scale wave energy converters.