CorPower Ocean, a wave energy technology company, has secured 32 million Euros.

The firm announced on Wednesday that it had secured funding of 32 million euros ($35 millions) to help commercialise wave energy technology.

Wind and tidal projects are being developed in some countries to reduce emissions and achieve climate goals.

The wave power industry is still in its early stages of commercialisation and costs are high. It is also more predictable than the wind power.

The firm stated that the investment in CorPower came after its wave-technology demonstration project in Portugal demonstrated its ability to operate during Atlantic storms and with a large capacity for power generation.

The group of investors that committed funds were led by SEB Greentech, SEB Greentech's clean-technology investment arm and InnoEnergy.

Santander Asset Management Iberis Capital Cisco Investments, and existing shareholders are also part of the consortium.

CorPower Ocean, a Swedish company with headquarters in Sweden has announced that it has secured funding of 95 million euros from both private and public investors. It has also demonstrated four generations its technology.

CorPower Ocean said that project developers use its technology in Scotland, Ireland and Portugal. Reporting by Nina Chestney and Editing by Louise Heavens. $1 = 0.9191 euro

(source: Reuters)