October 22 (SeeNews) - Swansea, Wales-based Marine Power Systems Ltd (MPS) will receive GBP 2 million (USD 3.1m/EUR 2.7m) of EU funding to develop and test a scaled prototype of its WaveSub wave power device.
Welsh finance minister Jane Hutt will announce the funding today during a visit to the company, WalesOnline reported.
MPS will invest GBP 900,000 in the GBP-3-million project for the construction and testing of the 1:4 scale prototype. The next step will be the deployment of a full-scale device off the coast of Pembrokeshire and eventually a commercial launch.
Hutt was cited as saying that marine renewables have huge potential and that over the next six years GBP 80 million of EU funds will be invested in the field, including support for two demonstration zone projects off the Pembrokeshire and Anglesey coasts.
(GBP 1.0 = USD 1.542/EUR 1.361)