It has provided finance to support the commercialisation of Swansea-based Marine Power Systems
A Swansea deep water wind turbine platform developer has secured an £8m investment from the Welsh Government to support its commercialisation drive. The Cardiff Bay administration said the loan finance to Marine Power Systems (MPS) could be converted into equity at a future point.
Around 80% of the world’s offshore wind resource sits in water too deep for traditional turbine platforms to reach.
MPS will use the investment to market its PelaFlex wind turbine platform, which can operate at depths beyond 60 metres.
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The investment will also lay the foundations for a large-scale manufacturing facility in Wales, creating high-value jobs and strengthening local supply chains — with wider benefits for Wales’s net zero ambitions.
The funding follows recent Welsh successes in Contract for Difference auction rounds, supporting the broader goal of building a supply chain capable of servicing the offshore wind sector, including the deployment of turbines in deeper water.
Cabinet Secretary for Energy, Rebecca Evans said:“This investment in Marine Power Systems is another exciting step in Wales’s journey to becoming a global leader in offshore wind.
“Alongside major projects like Awel y Môr and Erebus, supporting innovative companies like Marine Power Systems helps us build a high-value supply chain, creates skilled jobs and helps us meet global and national net zero targets. We have the talent, the technology and the ambition — and this funding helps turn that ambition into reality.”
Chief executive of Marine Power Systems, Dr Gareth Stockman, said: “This investment from the Welsh Government is a powerful vote of confidence in Marine Power Systems, our technology and our team.
“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, scale deployment and position Wales as a global centre for deep-water wind innovation and manufacturing. It’s a catalytic step toward making deep-water offshore wind a practical reality at industrial scale.”