Funding for Marine Power Systems
Posted on 05 Nov 2016 and read 1886 times
Swansea-based Marine Power Systems (MPS), which is developing technology to capture energy from ocean waves, has been awarded £200,000 in funding from Innovate UK (marinepowersystems.co.uk
This investment will support a 12-month project to model, design, build, test and validate MPS’s next-generation WaveSub wave-energy converter (WEC).
The project will run in partnership with the University of Bath. It has been part-funded by the European Regional Development Fund through the Welsh Assembly government, with MPS receiving a £2 million grant in October 2015.
Gareth Stockman, co-founder and managing director of MPS, said: “The next-generation device will unlock WaveSub’s long-term levelised cost of energy wave-to-wire efficiencies, to allow WaveSub to compete with conventional energy generation without subsidies — when fully commercialised.”