The WaveSub device is the invention of Swansea University graduates Dr. Gareth Stockman and Dr. Graham Foster who founded Marine Power Systems in 2008.
Drawing upon patented technology developed by the company, the device operates under the surface of the sea by capturing the high power density of ocean waves.
Following successful testing of a quarter-scale WaveSub, the investment will allow the company to develop a full-scale prototype, paving the way for the device to be launched on the market and sold around the world.
The Welsh Government has been working with Marine Power Systems for a number of years to support the development of this technology and the WaveSub concept.
Announcing the £12.8 million funding during a visit to the company recently, First Minister of Wales, Mark Drakeford, said, “We want Wales to be a leading player in the marine energy sector. This means supporting Welsh developers like Marine Power Systems; continuing to attract developers from around the world to Wales and exporting our knowledge, technology and services globally.”
The next stage of the WaveSub project will also be funded through a £5.5 million investment opportunity, to be raised by MPS over the coming months.
