UK-based Inyanga Marine Energy Group has raised £3.7 million (approximately $5 million) in fresh investment to support the build of a tidal energy demonstrator for the Morlais project in Wales.
According to Inyanga, the funding round includes backing from the British Business Bank via The FSE Group, Welsh Ministers through Local Partnerships, and several business angels, including members of the FSE Investor Network.
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The new investment is said to support the construction of a demonstrator with enhanced turbine features. It brings the British Business Bank’s total investment in Inyanga to £1.75 million across four rounds via the now-closed Cornwall & Isles of Scilly Investment Fund (CIOSIF).
A further £70,000 has been committed by FSE Investor Network angels. While CIOSIF closed to new investees in late 2023, the FSE Group is said to continue to support existing portfolio companies.
“This latest funding round is crucial to the next stage of this project, allowing us to build a demonstrator that includes a number of turbine improvements and developments,” said Richard Parkinson , CEO of Inyanga Marine.
“We’re delighted that our investors are backing us on this journey to be part of such an important step in tidal energy infrastructure. FSE in particular has been with us for a several years and it’s exciting to be moving towards an operational project at Morlais.”
Inyanga has previously been awarded two tidal energy contracts under the UK Government’s Contracts for Difference (CfD) scheme. The company’s HydroWing device is set to be deployed at the Morlais tidal energy project, a grid-connected tidal stream array off the Anglesey coast in the Irish Sea. Once operational in 2026, the 35 square kilometer site could deliver up to 240 MW of clean electricity.
“With contracts in place to supply 20MW of electricity over a 15 year period, Inyanga is at the forefront of the Morlais project. Their highly experienced and specialised team of offshore engineers are well-placed to deliver and we’re thrilled to be supporting the next phase of development and operations in this important venture,” Mike Bowman , Investment Manager at The FSE Group, said.
The Falmouth-based firm specializes in project management, consultancy, and technology development for offshore renewable energy and has gained recognition for its patented HydroWing tidal energy technology.
HydroWing is described as a simple, cost-effective method for generating tidal stream energy. It consists of a structure that rests on the seabed and “wings” with turbines attached, which are easily lowered into place. These turbines work in both directions, generating power with the incoming and outgoing tides, and are economical to produce in large quantities.
Morlais, managed by social enterprise Menter Môn, is said to be the first large-scale tidal project of its kind globally. Once completed, it could power up to 180,000 households.
In June, Inyanga Marine Energy Group confirmed a new round of contract awards for its 20 MW HydroWing tidal energy array, set for deployment at the Morlais site off Anglesey, Wales, in the first quarter of 2026.
In May, the Welsh Government announced a £2 million equity investment in Inyanga Marine Energy Group as part of a broader funding round. The company is also advancing tidal energy projects in France, Southeast Asia, and Canada.
about 1 year ago
UK-based Inyanga Marine Energy Group has raised £3.7 million (approximately $5 million) in fresh investment to support the build of a tidal energy demonstrator for the Morlais project in Wales. According to Inyanga, the funding round includes backing from the British Business Bank via The FSE Group
