September 12 (Renewables Now) - South Wales-based Marine Power Systems Ltd (MPS) has obtained GBP 12.8 million (USD 15.8m/EUR 14.3m) in EU financing to develop a full-scale prototype of its WaveSub wave energy generator.
MPS’ chief executive Gareth Stockman commented that the company will use the newly secured funds to further develop its WaveSub underwater device to a point of market-readiness.
The firm said in a statement that it hopes to raise an additional GBP 5.5 million for this project over the coming months.
Earlier in September, MPS announced it had concluded the 12-month sea testing programme for the WaveSub prototype. Over the past year, the 1:4 scale device was tested at the FaBTest site in Cornwall, where it proved its functionality across a range of sea states. The process included trouble-shooting and maintenance out at sea, and ended with the decommissioning of the test site last month.
(GBP 1.0 = USD 1.235/EUR 1.118)