Inyanga Marine Energy Group raises £3.7m to build a tidal energy demonstrator.
The funding round includes a £770k investment from the South West Investment Fund to support tidal technology development.
Inyanga Marine Energy Group delivers specialist project management, consultancy, and technology development for offshore renewable energy projects. The company leads the market in tidal energy technology through its patented HydroWing system.
Inyanga Marine Energy Group has secured a £3.7m funding round, including a £770k equity investment from the British Business Bank's South West Investment Fund via The FSE Group. The fresh capital lifts the British Business Bank's total backing for the company to £1.8m across four rounds over four years.
The company will use the proceeds to construct a demonstrator for its patented HydroWing tidal energy technology, which is slated for deployment at the Morlais Tidal Energy Project off the coast of Anglesey, Wales. The Morlais site is expected to become operational by 2026 and generate up to 240MW of clean electricity.
Chief Executive Richard Parkinson noted that the funds enable the construction of the demonstrator featuring several turbine improvements. Mike Bowman of The FSE Group highlighted the firm's role in the Morlais project, citing its supply contracts for 20MW of electricity over a 15 year period.
From the founder
"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. We're delighted that our investors are backing us on this journey to be part of such an important step in tidal energy infrastructure."
Richard Parkinson
CEO at Inyanga Marine Energy Group
Investor perspective
"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, The FSE Group
Use of funds
- 01Build out infrastructure
- 02Fund research and development
Investors
Categories
About the company
Inyanga Marine Energy Group
Inyanga Marine Energy Group develops offshore renewable energy and tidal technology projects.