Wave energy developer Marine Power Systems is the first company to benefit from new Welsh government innovation funding of almost £225 000.

The money is part of a £115 million package announced last week to boost innovation in Wales, and create new products and jobs.

Marine Power Systems, which is based in Swansea, was formed to develop the WaveSub, a device that captures the energy potential of ocean waves.

The funding will go to develop the WaveSub technology and produce a prototype.

The prototype will be tested in Milford Haven and the results will inform the development of a full-scale version of the device.

Economy Minister Edwina Hart said: “I’m pleased to announce Marine Power Systems as one of the first beneficiaries of our new innovation funding.

This support has allowed them to create a prototype, which is critical to mitigating risks and allowing the further development of the product, which ultimately allows the company to move on to commercial sales.
“Wave energy has a huge potential as a source of renewable energy and I’m encouraged that one of our first projects is supporting advancement in this field.”

Marine Power Systems managing director Gareth Stockman said: “The Welsh Government has played an integral role in supporting the development of Marine Power Systems’ WaveSub device and we are very grateful to be one of the first companies identified to receive this innovation funding.”