£8 million investment announced in Welsh renewable energy company

The Welsh Government has invested £8 million in a Swansea-based renewable energy company developing new technology designed to unlock the potential of deep-water offshore wind.

The funding has been awarded to Marine Power Systems (MPS) to support the commercial development of its floating wind turbine platform, known as PelaFlex.

The company says the technology is designed to allow wind turbines to operate in waters deeper than 60 metres, opening up areas that are currently inaccessible to traditional offshore wind platforms.

Around 80% of the world’s offshore wind resources are located in waters too deep for conventional fixed-bottom turbines, meaning floating platforms are seen as crucial to expanding the industry.

Marine Power Systems plans to use the investment to accelerate the development and marketing of the PelaFlex system and move the technology closer to full commercial deployment.

The funding is also expected to support plans for a large-scale manufacturing facility in Wales, which could create skilled jobs and strengthen supply chains linked to the offshore wind sector.

Ministers say the investment forms part of wider efforts to position Wales as a centre for offshore wind development and support the transition to a low-carbon economy.

Cabinet Secretary for Energy Rebecca Evans said the project would help build a stronger renewable energy industry in Wales.

“This investment in Marine Power Systems is another exciting step in Wales’s journey to becoming a global leader in offshore wind,” she said.

“Alongside major projects like Awel y Môr and Erebus, supporting innovative companies like Marine Power Systems helps us build a high-value supply chain, create skilled jobs and meet our net zero targets.”

Development

Chief executive of Marine Power Systems Dr Gareth Stockman said the funding would allow the company to speed up the development of its technology.

“This investment from the Welsh Government is a powerful vote of confidence in Marine Power Systems, our technology and our team,” he said.

“PelaFlex is designed to unlock deep-water offshore wind, where the majority of the world’s wind resource lies. With this support we can accelerate commercialisation and position Wales as a global centre for deep-water wind innovation and manufacturing.”

Earlier this year, two major Welsh projects secured contracts in the latest UK Government Contracts for Difference (CfD) auction, which supports renewable energy development.

The Awel y Môr offshore wind project off the coast of north Wales and the Erebus floating wind project near Pembrokeshire were both successful in the allocation round.

Awel y Môr is expected to create around 2,000 jobs during construction, along with about 50 roles linked to project delivery.

The Erebus project could support more than 600 construction jobs and around 500 additional roles across the supply chain.

Developers say Erebus will play an important role in establishing Wales as a leader in floating offshore wind technology, helping to unlock deeper offshore sites for renewable energy generation.