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.
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