The study conducted by Marine Energy Pembrokeshire (MEP) states that wave and tidal developers have so far spent GBP 34.5 mln in Wales.
The report ‘ Marine Energy in Wales: Investment, Jobs, Supply Chain ‘ states that the sector has created over 99 person years of employment, rising to 174 person years when Welsh academic research is included.
The total Marine Energy spending is GBP 45.4 mln including Welsh Universities and research projects.
According to MEP, the supply chain in Wales has been involved at levels of almost 50 percent of expenditure for tidal stream, and 60 percent for wave energy.
The report states tidal stream energy, including developments by Tidal Energy Limited and Minesto, MCT (project currently on hold), along with the development of the West Anglesey Demonstration Zone have contributed a total of GBP 18.5 mln to the Welsh economy.
With the inclusion of tidal range the number rises to GBP 33.5 mln.
When it comes to wave energy developers, they have contributed over GBP 1 mln of investment, the report states.
Martin Murphy , Chair of marine Energy Pembrokeshire, said: “With EUR 100.4 mln of EU Structural funding prioritized for the delivery of marine renewable energy in Wales over the next 5 years, the country is well placed to play a leading role in the worldwide marine energy sector.”
MEP is a partnership between technology developers, the supply chain, academia and the public sector working together to establish Pembrokeshire as a ‘centre of excellence’ for sustainable marine energy generation.
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Image: Tidal Energy Limited