Swansea-based Marine Power Systems (MPS) has reached a £1.5 million crowdfunding target in just two weeks since its launch. The funds raised will support an initiative to generate clean energy from offshore winds and ocean waves.

MPS was founded by Swansea University graduates Dr Gareth Stockman and Dr Graham Foster in 2008 with the aim of becoming a world leader in the manufacture and supply of marine energy extraction.

The funding raised on the Seedrs platform is to match fund a £17 million grant the business has already received from the European Regional Development Fund and will allow MPS to build its first commercial-scale demonstrator device.

Chief executive Dr Gareth Stockman said: “We are truly delighted that we have hit our target in just two weeks since the launch and it is fantastic that nearly 1,000 investors have already chosen to support our vision to transition the world to a low-carbon future, using our patented floating wind and wave generators.

“We have now decided to keep our campaign open and overfund, to give others the opportunity to join our mission. Additional funds will allow us to accelerate MPS business development and place ourselves in the best commercial position with our customers.”