Advising angel investors on marine energy funding

Marine Power Systems – a Swansea-based pioneer in harvesting energy from the world's oceans – has received an impressive £1.7m backing.

The funding includes £700,000 from a syndicate of 15 investors, led by Andrew Diplock, along with £250,000 match funding from the Development Bank of Wales’ Wales Angel Co-investment Fund. A further £750,000 from private investors has brought the total of the latest equity fundraise to £1.7m.

Cath Golledge, from our corporate team, advised the Angel Syndicate and Angel Co-investment Fund on their investment. As Marine Powers System finalise the testing programme of their patent protected marine energy generation technology, this backing will help them to demonstrate their grid connected technology ahead of commercialisation.

The company is also planning to run a crowdfunding campaign on Crowdcube in June, to bring the total raised to a minimum of £2.5m. This will support the delivery of a multi-megawatt grid connected and revenue generating commercial demonstrator in northern Spain during 2022.

Commenting on the deal, Cath said:

Marine renewable energy is central to the UK’s Green Growth Agenda, so there’s a huge market for the technology developed by Marine Power Systems. This makes this fundraise a remarkable opportunity for Welsh investors, private and institutional, and a really exciting deal to advise on. It was a pleasure as always to work with Andrew Diplock and the Angel Co-Investment Fund and I look forward to watching the next phase of growth.

Lead investor, Andrew Diplock, added:

Since selling my energy consultancy business in 2015 with the support of Capital Law, I have been active in investing in early stage and high growth businesses in South Wales. Marine Power Systems, based in Swansea, is a later stage business which shows real promise in manufacturing floating platforms and energy capture equipment for the marine energy sector, both wind and wave. It was great facilitating so many interested angel investors for the syndicate and working again with the Development Bank of Wales and Capital Law on this deal.

You can read more about the deal here.