As part of the joint project, the companies will conduct ocean trials with a new type of compact wave power systems over the next three years in two stages, with a scale prototype during 2014-2015 and a full scale system during 2015-2016.

The project will see CorPower providing the WEC devices; Iberdrola delivering necessary infrastructure for developing offshore farms; and WavEC analyzing and validating throughout the various stages.

Using a wave energy converter, the partners will demonstrate the technology, operations and commercial viability of tapping ocean power, which is claimed to be five times more efficient.

The scope of the project also includes formulating refined numerical and cost-of-energy models, utility scale wave farm concepts and establishing the supply chain.

Expected to be completed in 2016, the €15m HiWave project is partly funded by the European Institute of Innovation and Technology (EIT) through one of its knowledge and innovation communities, KIC InnoEnergy.

CorPower Ocean CEO Patrik Moller said that the partners intend to harness five times more wave energy per ton of device using CorPower wave energy converters in the HiWave project.

"We are excited to work with Iberdrola Engineering as a leading infrastructure engineering company with a strong background in offshore renewables.

"This allows CorPower to focus on developing the most efficient devices, increase the supply capabilities and shorten time-to-market," Moller added.