Inyanga Marine Energy Group secures £3.7m to build tidal energy demonstrator
The Falmouth based marine engineering firm raised the capital from backers including the British Business Bank and Welsh Ministers to support its Morlais project.
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 raised £3.7m in fresh funding from backers including the British Business Bank, Welsh Ministers, and business angels. The capital will be used to construct a demonstrator for the Morlais Tidal Energy Project in Wales, which utilises the company's patented HydroWing technology.
The business secured the investment following its success in winning two contracts under the UK Government Contracts for Difference scheme. The funding follows several previous investments from regional funds managed by The FSE Group, supporting the company's work towards an operational site in the Irish Sea.
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. FSE in particular has been with us for a several years and it’s exciting to be moving towards an operational project at Morlais."
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
- 01Continue product development
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About the company
Inyanga Marine Energy Group
Inyanga Marine Energy Group develops offshore renewable energy and tidal technology projects.