Wave-tricity Ltd Secures £4 million funding award from The Welsh European Funding Office

Posted September 16, 2016 by k

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Wave tricity Ltd is delighted to announce that it has secured a £4 million funding package from The Welsh European Funding Office under the European Regional Development Fund for West Wales and the Valleys Operational Programme.

Wave-tricity Ltd is an innovative wave energy development company with a mission to develop a commercially viable, real world, wave energy convertor. In an area that is gathering more and more momentum, the Company is looking to grow and advance its technology and operations in Pembroke Dock. This exciting move will add to the body of marine energy expertise that is growing in the region with the support of the Welsh Government and European funding.

Matthew Fairclough-Kay, Wave-tricity’s Managing Director said, “This announcement marks a key milestone for the Company. Everyone on the Wave-tricity team is looking forward to starting operations in Pembrokeshire and to bringing the prospect of clean wave energy a step closer to commercial success. The support of the Welsh Government demonstrates a clear commitment to sustainable economic growth. This, allied to a strong base of local expertise, signals a bright future for marine energy in Wales. It’s great to be on board.”

The funding, which is matched by a substantial investment by Wave-tricity, will enable the Company to continue development of its robust, low maintenance, wave energy conversion technology. This will see the realisation of a device that can produce clean electricity for all from an endless resource and will underpin a wide range of product capabilities.

Over the coming weeks, Wave-tricity will be setting up operations in the Royal Dockyard at Pembroke Dock where they will be testing and developing their technology both ashore and afloat in the Haven Waterways. The Company has already made excellent links with both public and commercial organisations in the area and is looking forward to building upon these relationships and bringing significant financial and knowledge investment into the area.

The move will also bring new jobs; Wave-tricity is looking to increase their team and bring local talent into the mix. The recruitment drive will seek to fill a range of full time roles based in Pembroke Dock, with required skills ranging across engineering and operations disciplines.

These are exciting times for Wave-tricity and offshore renewable energy in Wales. The new Wave-tricity website is being developed now and you can follow the company on Twitter, Facebook and Instagram. Keep in touch to track development, as well as business and employment opportunities.