Photo: Marine Power Systems’ marine energy technology (Courtesy of Marine Power Systems)

MPS exceeds crowdfunding goal as campaign opens for public

Welsh marine energy developer Marine Power Systems (MPS) has reached over its £2 million crowdfunding target in an ongoing campaign that just opened for the general public.

Image showing Marine Power Systems’ marine energy technology (Courtesy of Marine Power Systems)
Marine Power Systems’ marine energy technology (Courtesy of Marine Power Systems)

The campaign exceeded its target with over 300 investors committing over £2.1 million following pre-registration for early access to the campaign.

Run on equity investment platform Crowdcube, the campaign is available for subscription at £17.91 per share for the following 30 days.

Late in May, a syndicate of Welsh investment angels completed a £950,000 investment in MPS, with further £750,000 secured from private investors bringing the total of the latest equity fundraise to £1.7 million.

At the time, MPS said the crowdfunding campaign will aim to bring the total raise to a minimum of £2.5 million.

The investments 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.

This will be the final stage of the company’s testing and development programme ahead of commercialisation and generating sales, according to MPS.

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.

Between WindSub, WaveSub and DualSub, MPS supports optimised energy capture at grid-scale for any particular site through the combination of wave and wind energy generation technology.