The money will enable the £11m DeltaStream device, which will generate clean electricity from the tides off the West Wales coast, to be manufactured ready for a trial installation in 2012.
Backed by the European Regional Development Fund through the Welsh Government, the funding provides a vital source of support for Cardiff-based marine renewable energy company, Tidal Energy.
Announcing the funding, the First Minister said: “Investing in renewable energy technologies is vital to build a low carbon economy and help drive forward Wales’ ambitions to become a more sustainable nation.
“We are committed to promoting the generation of clean electricity while protecting our natural environment.
“There is huge potential for marine energy in Wales and projects like DeltaStream will not only help meet our energy targets, but will provide further opportunities for local communities as well as businesses, creating both environmental and economic benefits.”
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Article courtesy of The Western Mail