Pan-European consortium driving wave-farm bankability backed by Horizon Europe.
CorPower Ocean has been selected to lead the €30M POWER-Farm EU Project, addressing the competitiveness and bankability of wave farms by validating the technology in conditions required for large-scale deployment in UK waters.
The initiative, partly funded by a €19M grant from Horizon Europe, will underscore wave energy’s role as a mainstream renewable sector. With potential to supply up to 17% of electricity in key EU countries by 2050, the project also targets volume manufacturing across the EU, reinforcing Europe’s leadership in clean energy innovation.
The consortium includes EMEC (European Marine Energy Centre), The University of Edinburgh, Ocean Energy Europe, Renewable Risk Advisers and Kristinehamn Teknik & Service.
Together they will demonstrate the survivability, reliability and performance of wave energy systems at EMEC’s test site in Scotland. With the UK’s 25GW practical wave deployment potential and Scotland’s globally recognised resource, POWER-Farm strengthens the UK’s position as a key market in CorPower Ocean’s global rollout plan. It also supports the development of local supply chains, high-value jobs, and wider socio-economic benefits as the UK transitions toward a net-zero and more self-reliant energy system.
According to research from Supergen ORE Hub and the Policy and Innovation Group at the University of Edinburgh, wave energy could deliver over £30billion in Gross Value Added (GVA) to the UK economy – under a ‘high ambition’ scenario, where the UK develops a strong, modernised domestic supply chain and leads in global deployments. Taken with tidal stream, which could contribute more than £20billion, it could support over 80,000 jobs.
The project builds on CorPower Ocean’s innovative WEC (Wave Energy Converter) technology currently deployed off the Atlantic coast of Portugal, while also placing strong emphasis on proving the scalability of a European—and particularly UK and Scottish—supply chain capable of supporting larger wave energy farms.
Anders Jansson, Head of business Development at CorPower Ocean, said: 'The POWER-Farm EU initiative arrives at a pivotal moment for the wave-energy sector, as the industry shifts from research and development to commercial deployments. With Europe investing to bring wave energy to farm-scale readiness, we urge the UK to match this ambition and unlock its vast wave-energy potential. The UK is uniquely positioned to become a global leader in this emerging frontier, establishing a major new sector driving economic growth and job creation. With the right support and a clear route to market, developers and investors will have the certainty they need to deliver the nation’s first commercial wave-energy arrays, while ensuring the UK can capitalize on this golden opportunity.'
Wave energy is emerging as a strategic technology to unlock the lowest-cost clean-firm power mix in various regions. Momentum continues to build across Europe, with the UK recently launching a Marine Energy Taskforce led by Energy Minister Michael Shanks and supported by the Crown Estate and Crown Estate Scotland. The Taskforce aims to unlock the UK’s wave and tidal potential through a strategic roadmap covering site development, financing, innovation and supply chain growth—laying important groundwork for a sector capable of delivering long-term societal value.
Guillaume Unique, Project Manager at CorPower Ocean and for POWER-Farm EU, said: 'We are thrilled to deepen our collaboration with the partners in this ground-breaking project. Together, we bring a unique blend of cutting-edge research, advanced manufacturing capabilities, world-class testing infrastructure, and proven bankability expertise creating a powerful foundation for success.'
Rémi Gruet, CEO of Ocean Energy Europe, said: 'The POWER-Farm EU project is a key milestone for Europe’s wave energy sector. Demonstrating scalable and reliable wave energy technology will help unlock investment, industrialisation, and the wider deployment of ocean energy. Initiatives built on strong partnerships and EU support are critical for achieving Europe’s climate and energy targets while reinforcing Europe’s leadership in the sector.'
Wave energy’s consistent and complementary power profile helps stabilise output from solar and wind, enabling 24/7 clean power at lower system cost. Studies show that energy systems incorporating wave power require less than half the installed capacity, grid infrastructure and storage compared to systems relying solely on solar and wind.
With over 500GW of accessible global wave potential, wave energy is positioned as a vital component of the future energy mix. For the UK and Scotland, this represents a major opportunity to lead a global sector while delivering long-term benefits to communities and the national energy system.
Source: CorPower Ocean
