•
Oct. 31, 2024
Wave Energy's Golden Moment: Has CorPower Unlocked the Key to Ocean Power?
•
Oct. 31, 2024
In November 2023, as Atlantic storm "Domingos" lashed Portugal’s northern coast, most people were dealing with flooding, road closures, and landslides. Offshore, however, a different story was unfolding: a wave energy device was thriving in the very element that caused so much havoc on land. This "golden buoy," developed by Swedish startup CorPower, was turning nature's fierce waves into a reliable source of clean energy, a technological marvel that could redefine the renewable energy landscape. CorPower claims this buoy is five times more efficient than previous wave energy devices, a significant advancement for a sector plagued by high costs and frequent failures.
CorPower’s buoy survived Domingos and secured €32 million in funding—history’s largest single investment in a wave energy startup. This achievement could mark a turning point for an industry that has, until now, struggled to reach commercial viability. So, has wave energy finally discovered its "golden buoy"?
Wave energy’s potential lies in its stability and predictability. Unlike solar and wind, which can be intermittent, ocean waves roll in day and night, offering a buffer of consistent power. According to Amin Al-Habaibeh, a wave energy expert, energy from waves is accessible 90% of the time—far outstripping the 20-30% availability of solar and wind. This dependable energy source could provide a substantial share of the world’s energy needs if harnessed commercially.
Despite the potential, wave energy currently supplies only a fraction of global electricity, generating about 1MW in Europe last year. However, startups like CorPower believe they have the technology to bring wave energy into the mainstream, positioning it as a critical source of baseload power.
CorPower’s C4 buoy is inspired by the human heart, designed to mimic its rhythmic dual-action pumping. Developed in collaboration with Dr. Stig Lundbäck, the system captures wave energy in two directions: as waves lift the buoy, energy is stored in a pneumatic cylinder; as the buoy falls, the stored energy drives the system back. This “wave spring” mechanism captures both upward and downward movements, significantly enhancing energy output. CorPower’s proprietary algorithms further optimize energy capture by predicting the incoming waves’ motion and adapting accordingly. When waves get dangerously high, the AI system enters “storm survivability” mode, which adjusts the buoy to withstand extreme conditions.
In trials, the C4 device achieved a peak power output of 600KW, feeding this energy into the Portuguese grid. With plans to scale production, CorPower envisions “clusters” of buoys generating up to 30MW, enough to power 30,000 homes.
Wave energy isn’t new; the first patent dates back to 1799. But historical attempts have been marred by cost, technical difficulties, and frequent breakdowns. A famous example is the Scottish startup Pelamis, which built a 180-meter-long wave energy converter. The “sea snake” device, though groundbreaking, was ultimately too expensive to maintain and never achieved commercial success. Such stories have made investors wary, favoring the more predictable returns of solar and wind.
However, government support for ocean energy is growing. In the U.S., the Marine Energy Bill could allocate $1 billion to ocean power projects, while Europe has invested over €375 million in ocean energy research. With private investment also trickling in, the wave energy industry may finally have the financial backing it needs to break through.
Armed with €95 million in funding and fresh from a successful trial, CorPower is scaling up. The company plans to deploy three more C4 buoys off Portugal’s coast by 2026, followed by an additional 14 devices through a partnership with Irish utility ESB. This would mark the world’s first commercial wave farm. Long-term, CorPower aims to reach a deployment scale of 600MW, which would make wave energy cost-competitive with other renewables, achieving what CEO Patrik Möller calls the "magic number" of €71 per MWh for levelized cost of electricity (LCOE). This ambitious target puts wave energy within striking distance of the current LCOE for utility-scale solar.
To reach this scale affordably, CorPower has developed a modular “mobile factory” concept for manufacturing. This system enables the company to produce a buoy hull within 48 hours, close to the installation site, cutting down on transportation costs and boosting production efficiency. Their lightweight, AI-driven buoy also utilizes a custom-designed anchor system, which is three times lighter than traditional monopile anchors. These innovations reduce costs and simplify maintenance, crucial factors in the commercial viability of wave energy.
CorPower's strides in technology and investment signal a turning point for wave energy. Industry leaders like Richard Arnold of the UK Marine Energy Council compare wave energy’s current status to the early days of floating wind. Once considered impractical, floating wind is now one of the fastest-growing renewable sectors, thanks to successful demonstrations and a surge of financial support. A similar trajectory could be possible for wave energy, with companies like CorPower leading the way.
Möller believes that wave energy could eventually become the world’s third-largest energy source, following solar and wind. If CorPower's technology proves viable on a large scale, it could indeed shift the balance in renewable energy, offering a stable, clean alternative to fossil fuels.
Wave energy has long been overshadowed by solar and wind, but CorPower’s golden buoy could change that. With its heart-inspired design, AI optimization, and modular manufacturing, CorPower is tackling the two greatest challenges of wave energy: efficiency and durability. For the first time, it appears that wave energy could become a commercially viable part of the global energy mix, potentially reshaping the renewable landscape.
The road to mainstream adoption remains challenging, but CorPower’s progress shows promise. By 2026, if all goes according to plan, wave energy may finally step out of the shadows, establishing itself as a powerful player in the quest for a sustainable energy future.
