Grant programme, Supply Chain innovation for Offshore Renewable Energy (SCORE), has announced Marine Power Systems’ WaveSub as the latest innovation to receive funding.
Marine Power Systems was founded with the sole purpose of developing and bringing to market the novel, patent protected wave energy converter ‘WaveSub’.
The award winning WaveSub has four key USPs which solve the main challenges facing those trying to exploit wave energy. Firstly, the WaveSub addresses the difficulty of harnessing the power through its advanced energy capture system. Secondly, it has excellent survivability which is key in the harsh offshore environment. Thirdly, the delivery system makes the WaveSub quick and simple to transport, install and maintain. Finally, and crucially, the simple design of the WaveSub has a low capital cost.
The innovative WaveSub has the potential to substantially reduce the costs associated with generating energy from waves, which could in the future provide access to the vast renewable global resource that is the power of the waves.
The initial project to design, manufacture and test the prototype WaveSub was followed by a detailed desk engineering project to fully understand the cost of energy that it is likely to deliver.
The next step was to start looking for £2.5m of funding in order to further develop the WaveSub and manufacture a ¼ scale prototype. Having begun seeking further investment at the end of March 2014 it is really testament to the credibility of WaveSub that £1.2m of this pot has already been secured allowing the project to get well underway.
One of the sources was the SCORE grant funding scheme which has provided Marine Power Systems with a £9k grant. This particular pot is being used to secure intellectual property rights in this key period whilst further funding is sought.
Dr Gareth Stockman, Managing Director of Marine Power Systems, commented: “We are delighted to have already secured 50% of the funding we are seeking and this grant from the SCORE programme is integral in leveraging further investment.
“Applying for funding from the SCORE programme was straight forward and very swift compared to other grant applications and we were delighted to receive approval so quickly as well.”
The SCORE programme delivers a £2.5 million funding investment through the European Regional Development Fund (ERDF). SCORE grants range from £2,500 up to a maximum of 30% of the project’s eligible costs, or £50,000, whichever is the lower, and are available to all East Anglian based SMEs in the renewable energy supply chain.
Richard Salmon, project manager and business adviser for SCORE says: “Marine Power System’s WaveSub has the potential to significantly change the renewable wave power industry and we are thrilled to be able to assist them in keeping everything patent protected at this key stage in the product’s journey.
“We know many businesses can be deterred from applying for funding because of the perceived length of time needed to complete the application. That’s not the case with SCORE. Our team of industry specialists are available to support companies and start-ups throughout the process by finding out more about their innovative ideas, evaluating funding viability and then assisting with the development of a funding business case. We hope as we announce further recipients of SCORE funding other potential recipients will be encouraged to contact us.”
Press Release, August 21, 2014