Marine Power Systems Lands £12.8M Funding for WaveSub Project
Swansea-based Marine Power Systems (MPS) project to create and launch an underwater device capable of generating clean, affordable and reliable energy has been awarded more than £12 million of EU funding, First Minister Mark Drakeford announced.
The WaveSub device is the invention of Swansea University graduates Dr Gareth Stockman and Dr Graham Foster, who founded Marine Power Systems in 2008.
Following successful testing of a quarter-scale WaveSub, today’s investment will allow the company to develop a full-scale prototype, paving the way for the device to be launched on the market.
Announcing the £12.8 million EU funding during a visit to the company, 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.”
In addition to EU funding, the next stage of the WaveSub project will also be funded through a £5.5-million investment opportunity, to be raised by Marine Power Systems over the coming months.
Dr Gareth Stockman, chief executive of Marine Power Systems, said: “We are honoured to be awarded this £12.8-million of EU funding for the WaveSub wave energy generation device and would like to thank the Welsh Government for its continued, forward thinking, support.
“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.
“We live in an era in which renewable energy development is rapidly accelerating and – importantly –the public are now overwhelming in support of. MPS is excited to utilise this £12.8m of financial support to continue the development of WaveSub to a point of market-readiness and remain fully committed to supporting the Welsh Government with its ambition to achieve zero carbon emissions by 2050.”