DNV certifies first wave energy converter, unlocking capital
CorPower Ocean has secured the world’s first prototype certificate for a wave energy converter, a milestone that reduces technology risk and opens the door to project finance and institutional investment.
DNV has awarded CorPower Ocean the world’s first prototype certificate for a wave energy converter. The certification covers the Swedish company’s C4 unit, which has been operating off the coast of northern Portugal since 2023.
For investors and lenders, the primary value of the DNV-SE-0120 certification is risk mitigation. Offshore energy projects require significant upfront capital, and lenders have historically shied away from wave technology due to unproven survivability. By independently verifying the structural strength, reliability and safety of the C4 unit, DNV has addressed this bottleneck. The developer said the certification establishes a significantly reduced technology risk, paving the way for project finance, insurance and institutional capital.
The designation follows a seven-year review process covering everything from initial concept development to performance in extreme conditions. DNV tested the unit against storm waves reaching 18.5 meters. “This moves wave energy from being a promising technology to being a proven and bankable one,” said Patrik Möller, CorPower Ocean’s co-founder and CEO.
The certified C4 unit is a 100-ton spherical composite hull, measuring 9 meters in diameter and 18 meters tall. It sits at a depth of 45 meters, roughly 4 kilometers offshore Aguçadoura. Its survival through the DNV auditing process proves the equipment can withstand the harsh marine environments that have historically deterred capital.
CorPower is now advancing its first two industrial wave farms in Portugal and Scotland. The DNV stamp acts as a critical prerequisite for these projects, as institutional investors typically demand independent assurance before committing funds to marine energy infrastructure. Without this third-party validation, securing debt financing for commercial wave arrays has been virtually impossible.
The milestone represents a breakthrough for an industry that has struggled to achieve commercial traction despite two decades of development. “It marks an important stepping stone in the realisation of commercial wave energy,” said Claudio Bittencourt Ferreira, a project manager for DNV Renewables Certification.
