Tidal tech firm surges ahead with new funding

A Cornwall-based renewable energy specialist has secured new investment to accelerate the delivery of a major offshore energy project.

Falmouth firm Inyanga Marine Energy Group has raised £3.7 million to support the build of a demonstrator for the Morlais Tidal Energy Project off the coast of Anglesey. 

The funding includes support from the British Business Bank via The FSE Group, Welsh Ministers via Local Partnerships, and business angels including the FSE Investor Network.

Inyanga provides consultancy and project management services to the offshore renewables sector and is developing HydroWing, a tidal energy device set to be deployed at Morlais. 

Once operational in 2026, the “landmark” 35 km² site could generate enough clean electricity for 180,000 homes and is the first of its kind anywhere in the world.

Richard Parkinson, chief executive of Inyanga Marine, said: “This latest funding round is crucial to the next stage of this project, allowing us to build a demonstrator that includes a number of turbine improvements and developments. 

“We’re delighted that our investors are backing us on this journey to be part of such an important step in tidal energy infrastructure. 

“FSE in particular has been with us for a several years and it’s exciting to be moving towards an operational project at Morlais.”

The latest funding round follows four years of support from the Cornwall & Isles of Scilly Investment Fund. 

Although the fund has now closed to new investees, Inyanga remains eligible for further support through the British Business Bank’s South West Investment Fund.

Mike Bowman, investment manager at The FSE Group, added: “With contracts in place to supply 20MW of electricity over a 15-year period, Inyanga is at the forefront of the Morlais project. 

“Their highly experienced and specialised team of offshore engineers are well-placed to deliver and we’re thrilled to be supporting the next phase of development and operations in this important venture.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →