MPS becomes revenue generating. Major energy developers around the world commission MPS to undertake engineering studies for them with a view to using our technology in upcoming energy development projects.

MPS releases the latest generation of its technology. The structurally efficient PelaFlex floating platform and the market leading PelaGen wave energy convertor.

Equity funding of £4.5m to support delivery of grid connected commercial demonstrator and pipeline growth of early commercial farms. BiMEP site in Spain (Basque Country) secured for the deployment of demonstrator. Awarded £3.5m UK Government FLOW grant.

Awarded £12.8m European Regional Development Funds by the Welsh Government. Equity funding of £2.3m to commence the commercial scale demonstrator.

Medium scale prototype testing completed demonstrating the fundamental USP’s over a 12-month period. Ongoing device optimization. IP portfolio expanded to protect unique technology.

Medium scale prototype deployed to demonstrate the fundamental USP’s of the platform; inherent ease of transportation, deployment and maintenance, remote control monitoring & communication systems and the generation of grid compliant electricity. Team growth continued.

MPS developed detailed design specification for medium scale prototype. Raised £5.5m for next phase – £3.5m grant from European Regional Development Funds (ERDF) and £2m equity investment.

Successive sea trials, computational simulation, tank testing over 6-year period proved concept and key USPs. Achieved through team expansion and grant / private investment.