Inyanga Marine Energy Group has raised a further £3.7m of investment from a group of investors that includes the British Business Bank via The FSE Group, Welsh Ministers via Local Partnerships, and business angels including the FSE Investor Network.
Falmouth based Inyanga provides specialist project management, consultancy, and technology development services for the delivery of offshore renewable energy projects. The company is also a world leader in the development of tidal energy technology with its ground-breaking HydroWing technology.
On the back of successfully executing complex tidal energy projects for world-leading developers, Inyanga was awarded two tidal energy contracts under the Contracts for Difference (CfD) scheme, which is the UK Government’s initiative for supporting new low-carbon power infrastructure.
Inyanga’s patented HydroWing technology is right at the cutting edge of tidal energy devices and is on course to be deployed at Morlais Tidal Energy Project - a grid connected tidal stream project located in the Irish Sea off the coast of Anglesey, Wales, with the potential to generate up to 240MW of low carbon clean electricity. The landmark 35 km2 site will be operational from 2026, a key development in the move towards tidal stream technology being a significant contributor to renewable energy generation.
Inyanga’s most recent funding round will be used to build a demonstrator for the project. The funding takes the total British Business Bank investment to £1.75million across four funding rounds over the past four years via its regional Cornwall & Isles of Scilly Investment Fund (CIOSIF), with a further £70,000 invested by business angels from FSE Investor Network. Although CIOSIF is closed to new investees, FSE is able to further support businesses that have previously benefited from the fund.
Owned and managed by social enterprise Menter Môn, the Morlais tidal scheme is the first of its kind anywhere in the world and has the potential to generate enough energy for up to 180,000 typical households.
