GTT Strategic Ventures, the venture capital arm of Gaztransport & Technigaz SA (GTT), has participated in the second closing of the Series B financing round for CorPower Ocean AB, a Swedish developer and manufacturer of wave‑energy systems, according to GTT's release.
The new tranche includes investment from Acario, the corporate venture capital and open innovation unit of Tokyo Gas Co., Ltd.
The first closing of the round raised €32 million, led by NordicNinja VC, SEB Greentech, and EIT InnoEnergy alongside Santander Alternative Investments, Iberis Capital, and Cisco Investments.
The combined funding aims to accelerate the industrial readiness of CorPower Ocean’s technology.
Founded in 2012 and headquartered in Sweden, CorPower Ocean has developed a patented wave‑energy solution that overcomes critical industry challenges—specifically storm survivability and generation efficiency. Its commercially‑scaled C4 unit has endured storm waves exceeding 18 metres and shown efficient output under typical ocean conditions. The company targets a levelised cost of energy of €100/MWh once it installs 300 MW of cumulative capacity, with further reductions expected as scale increases.
CorPower Ocean closed its Series B1 round in October 2024 with €32 million in funding led by NordicNinja VC, SEB Greentech, and EIT InnoEnergy, supported by Santander Alternative Investments, Iberis Capital, and Cisco Investments. That round aimed to support commercial rollout after the company proved its resilience during Atlantic storms at Portugal’s Aguçadoura test site.
Gaztransport & Technigaz SA (GTT) is a French joint-stock company specialised in the design of membrane containment systems for liquefied natural gas carriers. GTT also operates GTT Strategic Ventures, its venture capital unit investing in emerging clean‑energy technologies.
Acario (Tokyo Gas Co., Ltd.) is the corporate venture and open innovation arm of Tokyo Gas Co., Ltd., a Japanese publicly listed natural gas utility. Acario invests in early‑stage energy and energy‑tech companies.
CorPower Ocean AB is a Swedish public limited company ("AB") founded in 2012. The company designs and manufactures wave energy converters, including the C4 commercial‑scale device, and leads R&D efforts to achieve cost‑competitive, grid‑stable wave‑derived power.