Penelope Garden (Partner and Head of Private Equity & Venture Capital team) and Lauren Lashley (Solicitor) have advised the British Business Bank’s South West Investment Fund via appointed Fund Manager, The FSE Group, on its £770,000 equity investment into Inyanga Marine Energy Group (IMEG) as part of an £3.7 million funding round. The funding takes the total British Business Bank investment to £1.75 million across four funding rounds over the past four years.
IMEG 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.
IMEG’s patented HydroWing tidal energy technology is set for deployment at the Morlais Tidal Energy Project off the coast of Anglesey, Wales. The 35 km² site, due to be operational by 2026, could generate up to 240MW of clean, low-carbon electricity, marking a major step forward for tidal stream energy. The recent funding round will support the construction of a demonstrator for the project.
Richard Parkinson, IMEG CEO, said: “This latest funding round is crucial to the next stage of this project, allowing us to build a demonstrator that includes a number of turbine improvements and developments. We’re delighted that our investors are backing us on this journey to be part of such an important step in tidal energy infrastructure.”
Mike Bowman, Investment Manager at The FSE Group added: “With contracts in place to supply 20MW of electricity over a 15 year period, Inyanga is at the forefront of the Morlais project. Their highly experienced and specialised team of offshore engineers are well-placed to deliver and we’re thrilled to be supporting the next phase of development and operations in this important venture.”
