A syndicate of significant Welsh investment angels has completed a £950,000 investment in Swansea-based renewable energy developer Marine Power Systems.
Led by investor Andrew Diplock , the syndicate of 15 investors has provided £700,000 along with £250,000 match funding from the Development Bank of Wales’ Wales Angel Co-investment Fund.
A further £750,000 from private investors has brought the total of the latest equity fundraise to £1.7 million, the Welsh Development Bank informed.
Gareth Stockman , CEO of Marine Power Systems, said: “We are now working at full-scale and this represents the final stage of our testing programme before we are in a position to deliver commercial devices to our customers.
“The business is already creating significant traction in the market and we have a number of revenue generating pre-commercial projects in the pipeline that will further prove the effectiveness of our technology ahead of delivering our devices into first utility scale commercial arrays both here in the UK and overseas.
“This latest fundraise represents a fantastic investment opportunity prior to an institutional equity funding round later this year. The continued support of investors means that we’re right at the heart of the green growth agenda”.
Following successful medium-scale testing of its fully patent protected marine energy generation technology, Marine Power System is now working at megawatt scale to demonstrate its grid connected technology ahead of commercialisation.
Tom Preene of Angels Invest Wales said: “There is a real sense of excitement with significant demand for both floating offshore wind and wave energy devices. This is a long-term sustainable business with a flexible and collaborative approach that is investing in cutting-edge technology.
“ That coupled with the highly experienced management team makes Marine Power Systems an attractive investment proposition, particularly for those who want to support Wales’ ambitions for a green economy”.