Swansea-based Marine Power Systems (MPS) says that it could soon be in line for further funding after raising more than £1 million from local 'business angels’ and the Welsh Assembly over the past 12 months to develop wave energy technology. It is on schedule to launch a quarter-scale prototype later this year.

The company was founded by Gareth Stockman and Graham Foster — two graduates from Swansea University — in 2009 with the purpose of developing and commercialising its innovative WaveSub Wave Energy Converter technology.

The 'business angels’ made the investment under the Enterprise Investment Scheme, which offers a range of tax reliefs to investors in new companies. The Welsh Assembly provided £359,000 of Smart Cymru research, development and innovation funding.

The company had previously raised around £250,000 — from a combination of Government grants and private investors — to build its earlier prototypes and undertake advanced computer modelling. When fully developed, the WaveSub should create a significant number of jobs in Wales and in the UK supply chain.