Marine Power Systems (MPS) has welcomed the European Commission’s proposal for an Innovation Fund, which aims to strengthen the Emission Trading Scheme and support emerging renewable technologies.

The company said that its wave energy technology, the WaveSub, has huge potential to contribute to energy security targets across the EU (and globally) and will reduce reliance on unpredictable and non-renewable energy supplies.

Dr. Gareth Stockman, Managing Director at MPS,said: “MPS is supportive of the creation of a potential finance up-front and flexible Innovation Fund, which is truly needed to support the industry and developers such as MPS to reach commercialisation.

“We are reaching some exciting milestones in the development of our technology, specifically the deployment of a quarter-scale prototype WaveSub device. Looking ahead, initiatives such as the Innovation Fund can provide further support, when MPS plan to install a full-scale demonstrator in the South Pembrokeshire Demonstration Zone.

“At the upcoming Ocean Energy Europe conference in Dublin, we will embrace the opportunity to present to delegates on how we solve the specific challenges faced when capturing wave energy. In addition, we will update the sector on our plans going forwards.”

The company further stressed that the recent draft report by the European Commission for the Environment, Climate Change and Energy of the Committee of the Regions (CoR) outlines the important contribution the ocean energy sector will make to the future energy needs of the European Union (EU). The report states the crucial role of the EU in driving the progression of the sector and the prospects that could be available through exploiting collaborations between regions across the EU.

The report has offered an analysis of the ocean energy industry and presents Europe’s global leadership in the sector. It also highlights the benefits in terms of industrial and economic growth through jobs, skills technology progression and commercial exports.

Stockman said: “This is a crucial report that MPS welcomes. It acknowledges the forward thinking and commendable leadership in the renewable energy sector within Europe’s regions. It is encouraging to see that innovation in technology, such as MPS’s WaveSub Wave Energy Converter, is being recognised and supported for the future of energy in the EU.”

The recent report also makes reference to the European Ocean Energy Roadmap (EOER) 2010-2050. The Roadmap estimates that by 2050, ocean energy could supply up to 15% of the European Union (EU) power demand by then. This is said to be enough energy to power around 115 million homes.

The final roadmap will be presented to European Ministers during a summit on ocean energy taking place in Dublin on 20 October 2015, where MPS will be presenting a developer update, the company said in a press release.