Swansea-based Marine Power Systems (MPS) reached a £1.5 million crowd-funding target in just two weeks after launching and then moved into over-funding, which now stands at over £2 million. It has also successfully obtained support from WEFO with £12.8 million of European Union funding which has been supporting them with this phase since being awarded last year.

MPS has developed a revolutionary, flexible technology that can be configured to harness wind power, wave power or combined wind and wave energy at grid scale. This approach is unique globally, and has been patented by MPS.

Lesley Griffiths, Minister for Environment, Energy and Rural Affairs in the Welsh government, said: “I am very pleased to note that MPS was successful in achieving the funding sought via a crowdfunding platform, and that this funding will continue to support its work on the full-scale demonstrator device.

“Companies such as MPS are working at the forefront of Wales’ response to the climate emergency, and it is always pleasing to see such companies explore new ways of bringing these projects forward in Wales.”

Dr Gareth Stockman, MPS chief executive, said: “The financial backing we have received for this demonstrates the confidence that exists in marine energy and enables us to take the project to the next stage.

“Developing this in Swansea is a boost for Wales and will form part of the blue economy’s contribution to the green recovery, not only creating jobs locally but also develop knowledge skills and technology that can be exported globally.”

Jess Hooper, Marine Energy Wales, said: “The progression of MPS’ quarter-scale device to full-scale is a demonstration of the skills and innovation flourishing here in Wales and yet another exciting development for marine energy in Wales.

“The speed at which it achieved its crowd-funding target illustrates the momentum building around the sector and the potential for Wales to establish itself and the UK as a global leader for the marine energy emerging technology sector.

“MPS’s Swansea base and local supply chain is building home-grown expertise and opening the door for Wales to keep its own renewable energy technology value locally and export the knowledge, skills and expertise globally; an export market worth an estimated £76 billion by 2050.”

MPS’ work aims to help Wales and the wider world transition to a low-carbon future underpinned by clean, affordable, renewable electricity power.