Marine Power Systems raises £1.7m from angel investors and the Development Bank of Wales
A syndicate of 15 angel investors led by Andrew Diplock and the Development Bank of Wales backed the round.
Share allotment filed at Companies House
Marine Power Systems develops floating wind and wave energy extraction hardware designed to harvest power from oceans. The Swansea-based firm operates at megawatt scale as it advances towards commercial readiness.
Marine Power Systems has secured £1.7m in equity funding to support its ongoing development towards commercial scale operations. A syndicate of 15 Welsh investment angels, led by Andrew Diplock, contributed £700k, complemented by £250k in match funding from the Development Bank of Wales through its Wales Angel Co-investment Fund. An additional £750k from private backers completed the round.
The capital will support the delivery of a grid connected commercial demonstrator in northern Spain during 2022. The company is also preparing a crowdfunding campaign on Crowdcube to raise the total funding to a minimum of £2.5m ahead of an institutional round later in the year.
From the founder
"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."
Gareth Stockman
Co-founder at Marine Power Systems
Investor perspective
"With the International Energy Agency forecasting global energy needs to expand 30% by 2040 – the equivalent of adding another China and India to today’s global energy demand – marine renewable energy represents the largest source of sustainable and cost competitive electricity generation. 20% of UK demand alone could be met by marine by 2050."
Andrew Diplock
Lead Investor, Development Bank of Wales
Use of funds
- 01Expand into international markets
- 02Build out infrastructure
Investors
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About the company
Marine Power Systems
Marine Power Systems designs floating wind and wave energy hardware for commercial deployment.