The Welsh government has made a £2m ($2.6m) equity investment in tidal energy firm Inyanga Marine Energy Group to support tidal energy development.

The funding, revealed by First Minister Eluned Morgan at the Marine Energy Wales Conference taking place in Cardiff on 7 and 8 May 2025, underscores the government’s commitment to renewable energy, particularly tidal power.

The investment will enhance tidal turbine technology at the Morlais tidal energy site off Ynys Mon (Anglesey).

It will be directed towards refining the turbines to increase their energy output by up to 60%.

These advancements are expected to benefit the majority of tidal energy projects planned for the Morlais site.

The 35km² Morlais site holds the potential to generate sufficient electricity to power over 180,000 homes, making it one of Europe's “largest consented tidal energy projects”, according to a news release by the Welsh government.

Morgan stated: "This investment is a big step forward for Wales' clean energy future. Tidal energy offers reliable, clean power and creates quality jobs in coastal communities where they're needed most.

"By investing in innovation, we're putting Wales at the forefront of marine energy technology. The improved turbines will explore making tidal energy more practical, helping speed up the global move away from fossil fuels.

"Following my visit to the international Wind Europe conference in Copenhagen last month, today’s investment shows how serious we are about renewable energy and its important role in meeting our future energy needs.”

Inyanga Marine Energy Group CEO Richard Parkinson added: “Our patented HydroWing tidal array technology is right at the forefront of developments in renewable energy, untapping the full potential of ocean tides as a perpetual and predictable source of energy.

"This significant £2m equity investment from the Welsh government completes the financing for the demonstration phase of our ambitious technology."