Marine Power Systems (MPS) has welcomed the European Commission’s proposal for an Innovation Fund, to strengthen the Emission Trading Scheme and support emerging renewable technologies.
The innovation fund provided in a reformed Emissions Trading Scheme will renew the NER300 programme which awarded grants to five ocean energy projects, according to Ocean Energy Europe.
The European Commission presented proposals to deliver a new deal for energy consumers, to launch a redesign of the European electricity market, to update energy efficiency labelling and to revise the EU Emissions Trading System.
With its sights on the European landscape, MPS is developing the WaveSub to provide a reliable renewable energy source through harnessing wave energy.
Gareth Stockman , Managing Director of MPS, said: “MPS is supportive of the creation of a potential finance up-front and flexible Innovation Fund, which is truly needed to support the industry and developers such as MPS to reach commercialization.”
MPS is currently in the process of designing, manufacturing and testing a quarter scale model prototype of WaveSub device that will be deployed at FaBTest , a test area situated 2.8 km2 within Falmouth harbor later this year.
The company will offer an update on the current stages of their WaveSub device development during the upcoming two-day Ocean Energy Europe Conference in Dublin scheduled to take place on October 20-21, 2015.
MPS is a Swansea-based wave energy developer founded in 2009 with the purpose of developing and commercializing its WaveSub wave energy converter technology.
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