Following a successful crowdfunding campaign and obtaining funding from Welsh European Funding Office, Swansea-based Marine Power Systems is set to build its first commercial demonstrator device in Wales.
MPS reached a £1.5m crowdfunding target in just two weeks after launching and then moved into overfunding, now at over £2m. They have also successfully obtained support from WEFO with £12.8m of EU funding which has been supporting them with this phase since being awarded last year.
MPS has developed what it believes is a revolutionary, flexible technology that can be configured to harness wind power, wave power or combined wind and wave energy at grid scale. This approach is unique globally, and has been patented by MPS.
Lesley Griffiths, the minister for Environment, Energy and Rural Affairs, said: “Companies such as MPS are working at the forefront of Wales’ response to the climate emergency, and it is always pleasing to see such companies explore new ways of bringing these projects forward in Wales.” Dr Gareth Stockman, chief executive of MPS said: “The financial backing we have received for this demonstrates the confidence that exists in marine energy and enables us to take the project to the next stage.
Jess Hooper, of Marine Energy Wales said: “The progression of MPS’ quarter scale device to full scale is a demonstration of the skills and innovation flourishing here in Wales and yet another exciting development for marine energy in Wales. The speed at which they achieved their crowdfunding target illustrates the momentum building around the sector and the potential for Wales to establish itself and the UK as a global leader for the marine energy emerging technology sector. MPS’s Swansea base and local supply chain is building home grown expertise and … export the knowledge, skills and expertise globally to an export market worth an estimated £76 billion by 2050.”