Welsh First Minister Carwyn Jones stated that the funding was provided by the European Regional Development Fund, administered by the Welsh European Funding Office for Welsh Government for Tidal Energy’s DeltaStream tidal energy device.
The DeltaStream unit is scheduled to be deployed in Ramsey Sound, Pembrokeshire in 2014. It comprises three independent 400kW turbines mounted on a triangular frame.
Tidal Energy managing director Martin Murphy stated that the company is planning to undertake first sea-test with all necessary approvals in place.
"We want to assemble the device in Pembrokeshire, with a view to using it as an operational base," added Murphy.
The company is initially planning to deploy 400kW turbine to minimize operational and maintenance risk, while planning to scale up the device to full capacity by late 214 or early 2015.
Meanwhile, Welsh renewable energy company Eco2 had supported the company with a £6.4m for a project that it previously secured from EU funds in 2011.
Eco2 chief executive David Williams said: "When we have completed our demonstration device testing of the DeltaStream device in Ramsey Sound, we have plans to install a 10MW array off St David’s Head in Pembrokeshire.
"Our aim is to achieve a major market share of installed marine renewable capacity in the UK by 2020," noted Williams.
