Wave energy converter receives SCORE grant to secure IPR
Marine Power Systems’ WaveSub has received funding from grant programme, Supply Chain innovation for Offshore Renewable Energy (SCORE).
Marine Power Systems, which has invested in a base at OrbisEnergy in Lowestoft due to the importance of the renewable sector within the East Anglian region, was founded with the sole purpose of developing and bringing to market the novel, patent protected wave energy converter ‘WaveSub’.
The award winning WaveSub has four key USPs which solve the main challenges facing those trying to exploit wave energy.
Firstly, the WaveSub addresses the difficulty of harnessing the power through its advanced energy capture system. Secondly, it has excellent survivability which is key in the harsh offshore environment.
Thirdly, the delivery system makes the WaveSub quick and simple to transport, install and maintain. Finally, and crucially, the simple design of the WaveSub has a low capital cost.
WaveSub has the potential to substantially reduce the costs associated with generating energy from waves, which could in the future provide access to the vast renewable global resource that is the power of the waves.
The initial project to design, manufacture and test the prototype WaveSub was followed by a detailed desk engineering project to fully understand the cost of energy that it is likely to deliver.
The next step was to start looking for further funding in order to develop the WaveSub and manufacture a quarter scale prototype.
One source was the SCORE grant funding scheme which awarded Marine Power Systems with a £9k grant. This particular funding stream has been used to secure intellectual property rights in this key period whilst further funding is sought.
Dr Gareth Stockman, managing director of Marine Power Systems, said: “This grant from the SCORE programme is integral in leveraging further investment. Applying for funding from the SCORE programme was straight forward and very swift compared to other grant applications and we were delighted to receive approval so quickly as well.”
Richard Salmon, project manager and business adviser for SCORE says: “Marine Power System’s WaveSub has the potential to significantly change the renewable wave power industry and we are thrilled to be able to assist them in keeping everything patent protected at this key stage in the product’s journey.”
The SCORE programme delivers a £2.5 million funding investment through the European Regional Development Fund (ERDF). SCORE grants range from £2,500 up to a maximum of 30% of the project’s eligible costs, or £50,000, whichever is the lower, and are available to all East Anglian based SMEs in the offshore renewable energy supply chain. To contact SCORE’s business advisers, call 01502 563368 or email orbisenergy [at] nwes.org.uk