Welsh marine energy developer Marine Power Systems (MPS) has reached over its £2 million crowdfunding target in an ongoing campaign that just opened for the general public.
The campaign exceeded its target with over 300 investors committing over £2.1 million following pre-registration for early access to the campaign.
Run on equity investment platform Crowdcube , the campaign is available for subscription at £17.91 per share for the following 30 days.
Late in May, a syndicate of Welsh investment angels completed a £950,000 investment in MPS, with further £750,000 secured from private investors bringing the total of the latest equity fundraise to £1.7 million.
At the time, MPS said the crowdfunding campaign will aim to bring the total raise to a minimum of £2.5 million.
The investments will help grow the business and support the deployment of MPS’ marine renewable energy technology portfolio, which includes the delivery of a megawatt-scale wind and wave commercial demonstrator in northern Spain, and an array of wave energy devices planned for Scotland .
This will be the final stage of the company’s testing and development programme ahead of commercialisation and generating sales, according to MPS.
MPS has developed a flexible technology that can be configured to harness wind and wave energy either as a combined solution or on their own in deep water.
Between WindSub, WaveSub and DualSub, MPS supports optimised energy capture at grid-scale for any particular site through the combination of wave and wind energy generation technology.