Marine Energy Wales has published a new report showing how marine renewable energy industry is bringing increased investment and jobs to Wales.
The new report “Marine Energy in Wales: Investment, Jobs, Supply Chain 2017” highlights the findings of an industry survey carried out by Marine Energy Wales in January.
The report finds that there has been an increase in investment into the Welsh marine energy sector of over £23 million since 2015, with current investment totalling £68.3 million.
The sector directly supports 137 full time equivalent jobs and 350 person years of employment, 101 more jobs than two years ago.
Current developers actively involved in Wales have indicated an expected investment of £1.4 billion in the next 5 years, provided market and development incentives are in place.
The report was launched at the Marine Energy Wales Conference by Ken Skates, Cabinet Secretary for Infrastructure and Economy, who said: “This latest report is very encouraging and highlights the rapid growth of the marine energy sector and its contribution to the Welsh economy.
“We have a truly excellent hub of supply chain businesses and facilities in Wales that are ready and able to take advantage of opportunities in the sector.”
The report covers the wave, tidal stream and tidal range sectors across Wales and demonstrates that marine energy is fast becoming a dynamic and exciting part of the Welsh economy.
David Jones, Project Director of Marine Energy Wales, said: “Our findings demonstrate that Wales is playing a key role in the global development of marine energy. Significant industry progress has been made over the past two years and the increased spend and significant rise in jobs clearly show a surge in momentum.”