Marine Power Systems gets £2M for WaveSub

Swansea-based wave energy developer, Marine Power Systems (MPS), has received a grant from the EU that will be used for the testing of WaveSub wave energy converter.

According to MPS, the £2 million of EU funds will enable the development and testing of MPS’ 1:4 scaled WaveSub, paving the way for a full-scale device planned for deployment off the Pembrokeshire coast.

Gareth Stockman, Managing Director of Marine Power Systems, said: “We are delighted to receive this EU investment which will support the next stage in the development of our WaveSub device. Marine Power Systems has made substantial progress and it is fantastic to get our hard work endorsed through further support.”

The £3 million project, which includes £900,000 investment from MPS, comprises the development of a scaled device which captures the high power density of waves through its power take-off system.

The Welsh government has been working with MPS for a number of years to support the development of this technology and the WaveSub concept, with the most recent funding award from the government in the amount of £225,000.

The latest round of funding will be formally announced today during the visit by the Wales Finance Minister, Jane Hutt, to MPS to hear about the WaveSub development.

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.”

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Image: MPS/Wales Finance Minister visit to MPS