MPS Welcomes EU Commission’s Innovation Fund Proposal
Marine Power Systems (MPS), a Swansea-based company that is developing technology designed to harness wave energy, welcomes the European Commission’s proposal for an Innovation Fund, to strengthen the Emission Trading Scheme and support emerging renewable technologies.
MPS is developing the WaveSub to provide renewable energy source through harnessing wave energy.
Dr. Gareth Stockman said:
“MPS is supportive of the creation of a potential finance up-front and flexible Innovation Fund, which is truly needed to support the industry and developers such as MPS to reach commercialisation.
“We are reaching some exciting milestones in the development of our technology, specifically the deployment of a quarter-scale prototype WaveSub device. Looking ahead, initiatives such as the Innovation Fund can provide further support, when MPS plan to install a full-scale demonstrator in the South Pembrokeshire Demonstration Zone.
“At the upcoming Ocean Energy Europe conference in Dublin, we will embrace the opportunity to present to delegates on how we solve the specific challenges faced when capturing wave energy. In addition, we will update the sector on our plans going forwards.”
The recent draft report by the European Commission for the Environment, Climate Change and Energy of the Committee of the Regions (CoR), has offered an analysis of the ocean energy industry and presents Europe’s global leadership in the sector.
“This is a crucial report that MPS welcomes. It acknowledges the forward thinking and commendable leadership in the renewable energy sector within Europe’s regions. It is encouraging to see that innovation in technology, such as MPS’sWaveSub Wave Energy Converter, is being recognised and supported for the future of energy in the EU.”