Businesses in Wales backed for expansion

Here we feature the latest equity investments news in Wales

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THE WELSH Government has made a £2m equity investment into tidal energy firm Inyanga Marine Energy Group.

The funding will help test the firm’s improved tidal turbines in real sea conditions at the Morlais tidal energy site off Ynys Mon (Anglesey).

Inyanga’s new turbine technology could produce up to 60% more energy and power most of the tidal energy projects planned for the Morlais site.

The Welsh Government is investing into the Cornish headquartered business alongside £1.7m of private investment. It follows a £8m equity investment last September by the Welsh Government in Menter Môn Morlais, the company that operates and develops the Morlais tidal stream demonstration facility.

Asked why it was investing in an English-based firm, the Welsh Government said its devices will be based at Morlais and the company will be relocating the assembly of the turbines to Anglesey, which will support local jobs. It added that Inyanga's turbines will be used by three of the four tidal stream developers that have secured space at Morlais.

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.

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.