Marine Power Systems (MPS), which plans to test its WaveSub device in the Haven Waterway Enterprise Zone, has received GBP 2 million of EU funds, Welsh Finance and Government Business Minister, Jane Hutt, announced last week.
The GBP 3 million project, which includes a GBP 900,000 investment from MPS, covers manufacturing and testing of a 1:4 scale prototype of the WaveSub wave energy device.
The GBP 2 million EU funds will allow the scaled prototype to be developed and tested, paving the way for a full-scale device that will be deployed off the Pembrokeshire coast and eventually launched in the commercial market.
Finance Minister, Jane Hutt, said: “We are committed to working with investors and businesses to boost economic growth and create highly skilled jobs, so I’m delighted that £2 million of EU funds are being invested to bring WaveSub another step closer to full-scale deployment.
“Marine renewable energy has huge potential and we are investing £80 million of EU funds in this area over the next six years - including support to enable the development of two demonstration zones off the coasts of Pembrokeshire and Anglesey.
“This investment will vastly reduce the time, costs and risks to developers in this sector, and will help establish Wales as a leader in marine energy production.”
In late September, MPS received GBP 225,000 from Welsh Government, which set aside GBP 115 million to support innovation in Wales.
Image: Marine Power Systems/Twitter