Marine Power Systems launch crowdfunding campaign
Marine Power Systems have just launched a crowdfunding campaign with equity investment experts Crowdcube. The campaign has already reached exceeded its target with over 300 investors investing over £2.1 million between following pre-registration for early access to the campaign.
Investors will help grow the business and support the deployment of Marine Power Systems’ marine renewable energy technology portfolio. This will include the delivery of a megawatt-scale, grid connected and revenue generating commercial demonstrator and the continued growth of a healthy pipeline of pre-commercial projects. This will be the final stage of Marine Power Systems’ testing and development programme ahead of commercialisation and generating sales.
Marine Power Systems have recently announced the deployment of a grid connected commercial megawatt scale wind and wave device in northern Spain at the Biscay Marine Energy Platform (BiMEP) as well as the planned deployment of a commercial scale array using two of their wave energy converters at the European Marine Energy Centre (EMEC), Orkney. At the same time, they have been growing their commercial team with the appointment of ex General Electric’s employee, Martin Carruth as Commercial Director.
Marine Power Systems have developed a flexible technology that is the only solution of its type that can be configured to harness wind and wave energy either as a combined solution or on their own in deep water. Between WindSub, WaveSub and DualSub, Marine Power Systems supports optimised energy capture at grid scale for any particular site through the combination of wave and wind energy generation technology.
Dr Gareth Stockman, CEO at Marine Power Systems commented: “This Crowdcube fundraise represents a fantastic opportunity to join us on our mission to provide clean, affordable, renewable energy globally by unlocking the power of oceans. Shareholders will be supporting the green growth agenda through MPS’ contribution to building back greener and reaching net-zero. We’re very grateful for the amazing support that we have received to date and we are really excited about what this next phase for the business will bring; one where business and technology supports both economic and environmental sustainability.”
Shareholders in MPS stand to benefit from joining the company following the award of £12.8million of non-dilutive support from the European Regional Development Fund through the Welsh Government to develop their unique and patented technology portfolio, as the business approaches commercial readiness in a multi-billion dollar per annum market for ocean energy.