Swansea Bay lagoon developer Tidal Power is trying to raise more than £1m to start enabling works at its 320MW project in Wales before consent expires next year.
The Gloucester outfit has today launched a £1.2m share issue due to run until 20 March.
Shares are priced at £2.50 and are offered at a minimum subscription of £500.
Tidal Power’s Development Consent Order for Swansea Bay will expire in June unless material works have commenced.
The company said £1.2m would put it in a position to “complete the discharge of planning conditions at Swansea Bay, prepare to commence land-side material works on site, and progress its work with Natural Resources Wales to move its application for a Marine Licence to a determination”.
Tidal Power chief executive Mark Shorrock said the project faces a consent “cliff-edge”.
“No amount of political will can resurrect this vital pathfinder project if the planning permission is allowed to lapse. By raising a relatively modest sum we can retain for the UK the option of large-scale, multi-generational tidal power,” he added.
Shorrocks said around 450 individual investors have to date invested £37m in the project.