The Welsh Government has completed a £2 million equity investment
in tidal energy firm Inyanga Marine Energy Group, reinforcing
Wales' commitment to developing renewable energy.
The investment, to be announced by First Minister at today's Marine Energy
Wales Conference in Cardiff, will help test improved tidal
turbines in real sea conditions at the Morlais tidal energy site
off Ynys Mon (Anglesey).
The investment will fund improvements to the turbines, enabling
them to produce up to 60% more energy. The turbines will power
most of the tidal energy projects planned for the Morlais site.
Morlais is located in an area known for its strong tidal
currents. The 35 square kilometre site has the potential to
generate enough electricity to power over 180,000 homes once
fully developed and is one of Europe's largest consented tidal
energy projects.
The Welsh Government has committed to making Wales a world centre
of emerging tidal technologies. Today's announcement aligns with
the First Minister's key priorities of building a stronger,
greener economy and tackling the climate emergency.
First Minister said:
"This investment is a big step forward for Wales' clean energy
future. Tidal energy offers reliable, clean power and creates
quality jobs in coastal communities where they're needed most.
"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.
"Following my visit to the international Wind Europe conference
in Copenhagen last month, today's investment shows how serious we
are about renewable energy and its important role in meeting our
future energy needs.”
Richard Parkinson, CEO of Inyanga Marine Energy Group, said:
“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.”
Andy Billcliff, CEO of Menter Môn Morlais Ltd, said:
“We are proud to see this significant milestone as Inyanga gears
up to deploy their HydroWing demonstration project within the
Morlais zone. It's a major step not only for the tidal energy
sector, but also for Anglesey and the wider Welsh economy.
“This development highlights the potential of our natural
resources to drive innovation, create high-quality jobs and
contribute meaningfully to achieving Wales' net-zero ambitions.
This is an exciting moment for renewable energy in Wales."
Notes to editors
In September 2024, the Welsh Government made an £8m equity
investment in Menter Môn Morlais Ltd, the company that operates
and develops the Morlais tidal stream demonstration facility.
The Welsh Government's investment in Inyanga Marine Energy Group
will sit alongside £1.7m of private sector investment.
