Algebris Climatech invests €3M in CorPower Ocean as part of €53M Series B
What's the deal? London-based asset manager Algebris InvestmentsDealroom has a profile for this one. Try Dealroom → has put roughly €3M ($3.49M) into Swedish wave energy developer CorPower Ocean as part of a €53M Series B round. The investment came through Algebris Climatech, the firm's venture capital strategy focused on decarbonisation technologies.
The round was led by Nordic Ninja, SEB GreentechDealroom has a profile for this one. Try Dealroom →, and InnoEnergyDealroom has a profile for this one. Try Dealroom →, with backing from the European Innovation Council Fund, Santander Asset ManagementDealroom has a profile for this one. Try Dealroom →, Iberis CapitalDealroom has a profile for this one. Try Dealroom →, Cisco Investments, GTT Strategic Investments, and Acario — the investment arm of Tokyo GasDealroom has a profile for this one. Try Dealroom →.
Stockholm-based CorPower Ocean builds wave energy converters that generate electricity from ocean swells. Its systems are designed to fill gaps in renewable output when solar and wind falter — at night or during calm weather.
Why now? Wave energy is attracting fresh capital after years on the margins of the clean energy transition. Earlier this month, rival wave energy firm Panthalassa raised $140M from backers including Peter Thiel. The back-to-back rounds suggest investors see the sector nearing a commercial tipping point.
Algebris said the funding will support CorPower Ocean's development of turnkey wave energy solutions and help advance the technology toward commercial viability. The firm called wave energy "an underappreciated component of the clean energy landscape," noting CorPower Ocean's differentiated technology and rigorous certification process.
What could go wrong? Wave energy has a long history of promising prototypes that never scaled. The ocean is a brutal operating environment — corrosion, storms, and maintenance logistics drive costs up. Unlike solar and wind, wave energy lacks a proven path down the cost curve, and it remains far from grid parity.
The sector also faces competition for capital from more mature renewables and from battery storage, which addresses the same intermittency problem CorPower Ocean is targeting.
The signal: Dealroom classifies CorPower Ocean as a "late growth" stage company, yet it is raising a Series B — a mismatch that reflects how capital-intensive hardware climatetech ventures can mature technically long before they mature commercially. The involvement of strategic corporates such as Cisco Investments, GTT Strategic Investments, and Tokyo Gas's Acario alongside public-backed vehicles like the European Innovation Council Fund and InnoEnergy suggests the round was structured less as a pure venture bet and more as a pre-commercial de-risking play, pooling industrial partners who could eventually become customers or integration allies.
Read more: renewablesnow.com
