A Cornwall company whose Welsh tidal energy project is set to be one of the largest in Europe when built has raised £3.7m.
Falmouth-based Inyanga Marine Energy Group secured the cash from a group of investors including the British Business Bank via The FSE Group; Welsh Ministers via Local Partnerships; and business angels including the FSE Investor Network.
The company provides specialist project management, consultancy, and technology development services for the delivery of offshore renewable energy projects.
On the back of successfully executing complex tidal energy projects, Inyanga was awarded two contracts under the Ƶ government’s Contracts for Difference scheme - an initiative for supporting new low-carbon power infrastructure.
The company’s Morlais tidal energy site off Ynys Mon (Anglesey) is located in an area known for its strong tidal currents. The 35 square kilometre site, which is set to be operational from 2026, has the potential to generate enough electricity to power over 180,000 homes once fully developed.
Inyanga’s most recent funding round will be used to build a demonstrator for the project.
The funding takes the total British Business Bank investment to £1.75m across four funding rounds over the past four years via its regional Cornwall & Isles of Scilly Investment Fund (CIOSIF), with a further £70,000 invested by business angels from FSE Investor Network.
Richard Parkinson, Inyanga Marine chief executive, said: “This latest funding round is crucial to the next stage of this project, allowing us to build a demonstrator that includes a number of turbine improvements and developments.
“We’re delighted that our investors are backing us on this journey to be part of such an important step in tidal energy infrastructure. FSE in particular has been with us for several years and it’s exciting to be moving towards an operational project at Morlais.”
Mike Bowman, Investment Manager at The FSE Group, added: “With contracts in place to supply 20MW of electricity over a 15 year period, Inyanga is at the forefront of the Morlais project.
“Their highly experienced and specialised team of offshore engineers are well-placed to deliver and we’re thrilled to be supporting the next phase of development and operations in this important venture.”
Owned and managed by social enterprise Menter Môn, the Morlais tidal scheme is reportedly the first of its kind anywhere in the world.
In May, the Welsh government made a £2m investment in Inyanga to test the firm’s improved tidal turbines in real sea conditions at the Morlais tidal energy site.
