The Welsh Government has completed a £2 million equity investment in tidal energy firm Inyanga Marine Energy Group.
The investment, to be announced by First Minister Eluned Morgan at the 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 HydroWing turbines (pictured), 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.
The announcement aligns with the First Minister’s key priorities of building a stronger, greener economy and tackling the climate emergency.
First Minister Eluned Morgan 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.”
Inyanga Marine Energy Group chief executive Richard Parkinson 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.”
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 funding.