Marine Power Systems (MPS), a Swansea-based wave developer company, held an investor presentation delivering updates on its progress.
This year MPS has successfully raised more than GBP 1 million from a panel of local business angels and the Welsh Government.
MPS’ latest presentation revealed that further investment from a number of sources is in the pipeline. MPS has taken steps to continue to protect its intellectual property which consists of three patents in markets around the world, the company’s press release reads.
Several strategic hires have been completed to ensure that the MPS contains all of the correct expertise to deliver the project.
The launch of the quarter scale prototype of its WaveSub Wave Energy Converter is within budget and on schedule for 2015, according to MPS.