Swedish company Corpower has been awarded €40 million to develop a wave energy park consisting of 30 wave energy converters off the coast of Portugal. This funding is crucial for expanding renewable energy sources and is part of a larger initiative to establish an energy hub in the region.
The project aims to harness the potential of wave energy, a renewable resource that has gained traction in recent years. Corpower’s technology focuses on converting ocean waves into electrical power, contributing to the diversification of energy generation methods in Portugal. This development aligns with the European Union’s goals to increase the share of renewable energy across member states.
Corpower’s CEO emphasized the importance of this funding, stating that it is “absolutely vital” for the project’s success. The wave energy converters are expected to play a significant role in the local energy landscape, supporting not only the energy needs of Portugal but also serving as a model for future wave energy projects globally.
Source: Swedish Tech News
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