Welsh wave energy scheme gets EU funding

A new £5.8 million scheme intended to generate energy from sea waves has been launched. The project is located off the Pembrokeshire coast. £4 million of its funding came from EU funding through the Welsh government.

The project announced by Finance Secretary Mark Drakeford is for wave technology company Wave-tricity to develop the new device, Ocean Wave Rower. It is the latest investment to create world-leading marine energy in Wales. EU funding of £12 million has been committed to major clean energy projects that include the Manesto’s Deep Green initiative.

Mark Drakeford said: “Marine energy is an important sector and Wales has excellent natural resources which can be harnessed. I am delighted this investment will bring another significant energy project to Pembrokeshire. It’s very encouraging that this scheme, which has such potential is being developed in Wales, particularly as it will lead to good employment and business opportunities in the local area.” “It’s very encouraging that this scheme, which has such potential is being developed in Wales, particularly as it will lead to good employment and business opportunities in the local area.” The two year project is intended to pave the way for full scale roll out of the technology. Matthew Fairclough-Kay, Managing Director at Wave-tricity, said: “This announcement marks a key milestone for the company. Everyone on the Wave-tricity team is looking forward to starting operations in Pembrokeshire and bringing the prospect of clean wave energy a step closer to commercial success.” “The support of the Welsh Government and EU funding demonstrates a clear commitment to sustainable economic growth. Allied to a strong base of local expertise, this signals a bright future for marine energy in Wales. It’s great to be on board.” Professor Drakeford added: “Worth around £650m every year, EU funds are vitally important to Wales. This is yet another positive example of how we are investing EU funding to build a thriving marine energy sector which will deliver a range of sustainable, economic benefits.” “It is our priority to ensure Wales does not lose a penny of the EU funds we currently receive, following the UK’s withdrawal from the European Union. We are in on-going discussions with the UK Government about guaranteeing funds for projects agreed after the Autumn Statement.” “We will continue to maximise the use of our existing EU funds, approving schemes and projects over the next two years, to ensure Wales gets the full benefit of this important source of funding.”