Renewables developer Marine Power Systems (MPS) has been awarded over £4m by the European Regional Development Fund to accelerate the development of floating offshore wind and wave technology.

The £4.3m funding, which is part of a £6.2m project under the Cornwall and Isles of Scilly Local Enterprise Partnership scheme to promote research and innovation, will enable MPS to launch a work programme on the DualSub.

DualSub is a combined floating offshore wind and wave device that was developed on the back of the company's WaveSub wave energy device.

WaveSub’s high level of stability in deep water prompted MPS to explore its suitability for use as a platform for wind turbines, particularly in locations where wind speeds are high but water depths make a fixed base turbine too costly to install.

Initial tests revealed MPS’s approach could provide a strong, stable platform on which a turbine could be installed, enabling the simultaneous capture of wave and wind energy from the ocean.

A floating offshore wind device called WindSub has also been developed.

Both DualSub and WindSub have successfully completed prototype stability tests, detailed computational simulation and cost of energy modelling, MPS said.

The new funding will enable MPS to move through a significant programme of work to a point of demonstrator sea-testing, before progressing to a point of commercial readiness in 2023.

MPS chief executive Gareth Stockman said: “The UK floating offshore wind sector offers huge opportunity for low carbon energy generation.

“We’re delighted to have secured this funding from the European Regional Development Fund and would like to thank them wholeheartedly for their support.

“It is investment such as this that will unlock new markets for UK skills, products and expertise as well as play a vital role in the UK Government’s legally binding target of net-zero emissions by 2050.”

MPS chief technical officer Graham Foster said: “Following extensive testing and computational modelling over the last year, we’ve produced some hugely encouraging results regarding the potential viability of DualSub as a combined wave and floating offshore wind technology.

“This funding from the ERDF comes at a perfect time and will enable the MPS team to progress with the next phase of research, design and testing for DualSub in 2020.”