Led by CorPower Ocean, the partnership includes the European Marine Energy Centre (EMEC), The University of Edinburgh, Ocean Energy Europe, Renewable Risk Advisers, and Kristinehamn Teknik & Service. The project has secured €19 million in funding from the Horizon Europe programme.
Key activities will centre on validation testing at EMEC's wave energy test site in Orkney, Scotland. The initiative aims to strengthen the investment case for wave energy by addressing technical and financial risks, while supporting the development of volume manufacturing capabilities across Europe. Studies indicate wave energy could supply up to 17 percent of electricity demand in several major EU countries by 2050.
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."
Research from the Supergen ORE Hub and the University of Edinburgh estimates that wave energy, combined with tidal stream technology, could generate over £50 billion in gross value added for the UK economy and support more than 80,000 jobs.
The project aligns with the recently launched UK Marine Energy Taskforce, which is developing a strategic roadmap to accelerate site development, secure financing, foster innovation, and build domestic supply chains for wave and tidal energy.
By delivering independent performance data and standardized risk assessment frameworks, POWER-Farm seeks to enhance investor confidence and pave the way for the first commercial wave energy arrays in UK and European waters, contributing to energy security and the growth of a sustainable marine renewable sector.
