Tidal Energy Developer Receives £2 Million Investment from Welsh Government
Tidal energy developer Inyanga Marine Energy Group is set to improve its technology at the Morlais tidal energy site off Ynys Mon with a £2 million (around €2.36 million) equity investment from the Welsh Government.
On May 7, the company announced that the Welsh Government had completed the investment as part of its commitment to developing renewable energy.
As disclosed, the investment will fund improvements to the turbines and conduct tests in real sea conditions at the Morlais site, one of Europe’s largest consented tidal energy projects spanning 35 square kilometers.
The turbines, which are expected to power most of the tidal energy projects at the Morlais site, are projected to produce up to 60% more energy once improved.
Government Support for Clean Energy
First Minister of Wales Eluned Morgan described the investment as a “big step forward for Wales’ clean energy future”.
“By investing in innovation, we’re putting Wales at the forefront of marine energy technology. The improved turbines will explore making tidal energy more practical, helping speed up the global move away from fossil fuels,” Morgan said.
Advancements in Renewable Energy
Richard Parkinson, CEO of Inyanga Marine Energy Group, commented: “Our patented HydroWing tidal array technology is right at the forefront of developments in renewable energy, untapping the full potential of ocean tides as a perpetual and predictable source of energy. This significant £2 million equity investment from the Welsh Government completes the financing for the demonstration phase of our ambitious technology.
“The tidal energy scheme at Morlais is the largest consented project of its type in the world, really putting Wales on the map as a global leader in renewable energy. Tidal energy has the potential to deliver 11% of the UK’s total energy needs and today’s announcement is an important milestone on that journey.”
Future Plans for Tidal Energy Project
To remind, at the end of 2024, Inyanga Marine Energy unveiled the design of its 20 MW HydroWing tidal energy project, set to be demonstrated at the Morlais tidal energy site in Wales in 2025.