Marine Power Systems, a Swansea-based wave energy developer, has received approximately £225,000 from the Welsh government for the development of its WaveSub technology.
Marine Power Systems (MPS) is one of the first companies to benefit from the recently announced £115 million funding package of support to boost innovation in Wales.
According to the Welsh government, the funding provided for MPS will be used for the production of WaveSub wave energy converter prototype that will be tested in Milford Haven.
Edwina Hart , Economy Minister for Wales, said: “I’m pleased to announce Marine Power Systems (LTD) as one of the first beneficiaries of our new innovation funding. This support has allowed them to create a prototype, which is critical to mitigating risks and allowing the further development of the product, which ultimately allows the company to move on to commercial sales. Wave energy has a huge potential as a source of renewable energy and I’m encouraged that one of our first projects is supporting advancement in this field.”
Gareth Stockman , Managing Director of Marine Power Systems, added: “The Welsh Government has played an integral role in supporting the development of Marine Power Systems’ WaveSub device and we are very grateful to be one of the first companies identified to receive this innovation funding. We look forward to working towards the next stages of the project to reach a full scale version of the device.”
With support from the European Regional Development Fund (ERDF) and private sector investment, the two innovation projects, SMART Cymru and SMART Expertise, will work alongside the current SMART Innovation Programme.
Together they form an overall package of support for Welsh businesses and academic establishments, enabling them to bid collaboratively for research and development funding and access information and advice from the Welsh Government to bring new ideas to the market.
Image: Welsh Labour/Edwina Hart