Wave-tricity secures GBP 4m for wave power project in Wales

The Welsh government will award GBP 4 million (USD 5.3m/EUR 4.8m) in EU funding to Wave-tricity for the development and testing of the Ocean Wave Rower power generation device off the Pembrokeshire coast.

The total cost of the two-year project is estimated at GBP 5.8 million. The portion not covered by the EU grant will be provided by Wave-tricity itself. The goal of the project is to pave the way for the full-scale deployment of Wave-tricity’s technology.

Other companies developing wave power systems in Wales include Sweden-based Minesto and Marine Power Solutions.

“It is our priority to ensure Wales does not lose a penny of the EU funds we currently receive, following the UK’s withdrawal from the European Union. We are in on-going discussions with the UK Government about guaranteeing funds for projects agreed after the Autumn Statement,” said Mark Drakeford, Wales’ finance secretary.

(GBP 1.0 = USD 1.335/EUR 1.197)

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