Finance Secretary Mark Drakeford will today announce £10.3 million of EU funding for the marine technology sector on a visit to Pembroke Dock.
The EU funding will support the design and testing of a fully-submerged membrane-style wave energy convertor capable of generating large amounts of electricity – paving the way for the developers, Bombora Wave Power Europe, to construct and commercialise the technology from its Pembrokeshire base.
The £15 million project is expected to create up to 20 skilled jobs in South West Wales, supporting the local economy and creating opportunities for communities in Pembrokeshire.
This latest EU funding allocation follows substantial EU and Welsh Government investment in Wales’ marine energy industry, including demonstration zones in Pembrokeshire and Anglesey and support for technology developers based in Wales.
Professor Drakeford said: “We want Wales to be at the forefront of research and innovation in the marine energy field and I am delighted to announce more than £10m of EU funding to help develop technology that creates large amounts of renewable electricity.
“Developers from across the globe are showing an active interest in developing projects in Welsh waters, recognising Wales has one of the best marine energy resources and support structures to be found anywhere.
“It’s a very exciting time for marine energy in Wales and this initiative is another major step in building a thriving industry in Pembrokeshire and Wales.”
Cabinet Secretary for Energy, Planning and Rural Affairs, Lesley Griffiths, said: “This investment is excellent news for the local economy and the wider marine technology industry. Clean energy will play an important role in the development of our prosperous, low carbon economy and help us deliver our aim of reducing emissions by at least 80% by 2050.”
Bombora Wave Power Europe’s Managing Director, Sam Leighton said: “Bombora is very grateful to secure the £10.3m EU support package for our exciting 1.5MW trial project. Since setting up our European headquarters in Pembrokeshire last year we have been working with local suppliers and have quickly grown our talented team to work on this exciting new project.”