Wave energy generator produced by a company set up by two Swansea University graduates

Swansea-based Marine Power Systems (MPS), which is developing technology to capture energy from ocean waves, has raised more than £1 million of funding from private investors in the Swansea area under the Enterprise Investment Scheme; the Welsh Assembly has also contributed £359,000.

The company will use the money to design, manufacture and test a purpose-built quarter-scale prototype of its WaveSub a wave energy converter. It is expected that trials will begin next year. 

Co-founded by Swansea University graduates Gareth Stockman and Graham Foster in 2009, the company has previously raised about £250,000 from a combination of Government grants and private investors to build its earlier prototypes.

For the full story please visit:

http://www.machinery-market.co.uk/news/7265/WaveSub-gets-boost-with-new-funding