Swansea-based Marine Power Systems (MPS) has hit a £1.5m crowdfunding target in just two weeks since its launch and is now overfunding.
The funds raised will support the company’s technology that is able to generate clean energy from offshore winds and ocean waves.
Marine Power Systems has developed a “unique platform technology” that can be configured to deliver wave power only (WaveSub), wind power only (WindSub) or a combination of both wave and wind power (DualSub).
Chief executive Gareth Stockman said: “We are truly delighted that we have hit our target in just two weeks since the launch and it is fantastic that nearly 1000 investors have already chosen to support our vision to transition the world to a low carbon future, utilising our patented floating wind and wave generators.
“We have decided to keep our campaign open and overfund, to give others the opportunity to join our mission. Additional funds will allow us to accelerate MPS business development and place ourselves in the best commercial position with our customers.”
The start-up has set an overfunding goal of £2m.
Additional funds will allow it to accelerate business development.
Marine Power Systems was founded by Swansea University graduates Gareth Stockman and Graham Foster in 2008 with the aim of becoming a world leader in the manufacture and supply of marine energy extraction.