Photo: DualSub wave and wind renewable energy farm (Courtesy of MPS)

Marine Power Systems hits 170% over its original crowdfunding target

Welsh renewable energy developer Marine Power Systems (MPS) has received massive investment support in its ongoing crowdfunding campaign on Crowdcube which closes in five days.

Image showing DualSub wave and wind renewable energy farm (Courtesy of MPS)
DualSub wave and wind renewable energy farm (Courtesy of MPS)

The support, deemed by MPS as ‘confidence inspiring’, has so far brought in £3.4 million in investment pledges for the company from over 2,200 investors.

The crowdfunding campaign will remain open and available for subscription at £17.91 per share for another five days, with a closing date set for 4 August.

Gareth Stockman, CEO of MPS, said: “As we head into the last week of our investment campaign a heartfelt thank you goes out to everyone who has invested in us. The support we have received so far has been truly confidence inspiring and we have now reached a massive 170% of our original target”.

Stockman encouraged potential investors to visit the dedicated crowdfunding pitch page to get more information on how MSP defines a market its estimates will be worth over $100 billion in the period to 2035 alone.

“We discuss the pre-commercial projects we are progressing now, those we have in the pipeline and how we are collaborating with the biggest names in the industry to deliver research that will further optimise the performance of floating offshore wind farms”, Stockman added.

The proceedings form the campaing 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, the company said earlier.

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 areas.