More than £12 million of European Union (EU) funding will be invested in a major scheme in Swansea to generate clean energy from ocean waves.

The funding will support the next stage of Marine Power Systems’ (www.marinepowersystems.co.uk) project to create and launch an underwater device capable of generating clean, affordable and reliable energy in Wales and around the world.

The WaveSub device is the invention of Swansea University graduates Gareth Stockman and Graham Foster, who founded Marine Power Systems in 2008.

Drawing on patented technology developed by the company, the device operates under the surface of the sea by capturing the high power density of ocean waves.

Following successful testing of a quarter-scale WaveSub (pictured), the investment will allow the company to develop a full-scale prototype, paving the way for the device to be launched on the market.

The Welsh government has been working with Marine Power Systems to support the development of this technology and the WaveSub concept.

Announcing the £12.8 million EU funding during a visit to the company at the end of September, 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; it also means continuing to attract developers from around the world to Wales and exporting our knowledge, technology and services globally.

"WaveSub is a pioneering project and this investment allows the company to take a major step towards these goals.”

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.

The company’s chief executive, Dr Stockman, said: “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 WaveSub’s development.

"With our team of talented 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.”