Marine Power Systems sets up crowdfunding campaign

Marine Power Systems (MPS) has launched a crowdfunding campaign with Seedrs.

MPS has patented technology to harness floating wind power, wave power or combined wind and wave energy at grid scale.

It claims that this flexible approach is unique globally.

The UK company’s R&D of its wave energy device WaveSub brought to the development of DualSub, wave and wind energy generator, as well as WindSub, which captures only wind energy.

In November last year, MPS secured GBP 4.3 million from the ERDF to accelerate the development of this technology.

The funding is part of a GBP 6.2 million project under the Cornwall and Isles of Scilly Local Enterprise Partnership.

This enabled Marine Power Systems to kick off an extensive program of work on DualSub, which it launched last year.

The company said ERDF boost should allow it to a point of demonstrator sea-testing, before progressing to commercial readiness in 2023.

In addition to ERDF funding, MPS secured £12.8-million of EU funding for the WaveSub in September last year.

MPS is also now inviting investors to join the next phase of growth and join the business as a shareholder.

Initial tests revealed MPS’ approach could provide a strong, stable platform on which a turbine could be installed.

Both DualSub and WindSub have already completed prototype stability tests, computational simulation and cost of energy modeling.