Wedoany.com Report-May 7, The Welsh Government has completed a £2 million equity investment in Inyanga Marine Energy Group to support the development of tidal energy technology. This investment, announced by First Minister Eluned Morgan at the Marine Energy Wales Conference in Cardiff, will aid the testing of enhanced HydroWing turbines at the Morlais tidal energy site off Ynys Mon (Anglesey), a location known for its strong tidal currents.
The funding will allow for improvements to the HydroWing turbines, which are expected to increase energy production by up to 60%. These turbines will play a key role in powering most of the tidal energy projects planned for the Morlais site. Once fully developed, Morlais, one of Europe's largest consented tidal energy projects, has the potential to generate enough electricity to power over 180,000 homes.
The investment aligns with the Welsh Government's commitment to establishing Wales as a global leader in emerging tidal technologies. First Minister Eluned Morgan emphasized that this funding is part of the broader goal of building a stronger, greener economy and tackling the climate crisis. She 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."
Eluned Morgan also highlighted the importance of innovation in the renewable energy sector, saying the improved turbines would help make tidal energy more practical and accelerate the global transition away from fossil fuels. She pointed to her recent visit to the Wind Europe conference in Copenhagen as evidence of Wales’ commitment to renewable energy.
Richard Parkinson, CEO of Inyanga Marine Energy Group, noted that the company's patented HydroWing tidal array technology is at the forefront of renewable energy development. He said: “This significant £2 million equity investment from the Welsh Government completes the financing for the demonstration phase of our ambitious technology." Parkinson also highlighted that the Morlais tidal energy project is the largest consented project of its kind in the world, positioning Wales as a key player in the renewable energy sector.
The Welsh Government's £2 million investment will be complemented by £1.7 million from the private sector, marking a crucial step in advancing the Morlais tidal energy scheme. Additionally, in September 2024, the Welsh Government had previously made an £8 million equity investment in Menter Môn Morlais Ltd, the company overseeing the Morlais tidal stream demonstration facility.
This strategic investment is part of Wales' broader efforts to harness the power of tidal energy, which has the potential to meet up to 11% of the UK’s total energy needs.
