Swansea-based Marine Power Systems (MPS) has been granted more than £12 million of EU funding to generate clean energy from ocean waves.
The grant will support the next stage of the company’s project to develop and launch an underwater device, dubbed WaveSub, that is capable of capturing the high power density of ocean waves to generate electricity.
The technology is the invention of Swansea University graduates Dr Gareth Stockman and Dr Graham Foster, who founded the company in 2008.
The Welsh Government has also been working with MPS to support the development of the technology.
Announcing the EU funding, First Minister Mark Drakeford said: “We want Wales to be a leading player in the marine energy sector. This means supporting Welsh developers like Marine Power Systems; continuing to attract developers from around the world to Wales and exporting our knowledge, technology and services globally.
“WaveSub is a pioneering project and today’s investment allows the company to take a major step towards these goals. This is excellent news for the marine energy industry in Wales.”
MPS also hopes to raise £5.5 million over the coming months for the next stage of its project.
Dr Stockman, Chief Executive of the company added: “Having recently concluded testing on our quarter-scale prototype WaveSub device, this funding is a solid endorsement of the progress that MPS has made with the WaveSub’s development.
“With our talented team of engineers and a network of highly-experienced suppliers behind us, MPS is confident it can make great strides as a world leader in the marine energy sector.”