Marine Power Systems

What Marine Power Systems does

Marine Power Systems Ltd (MPS) is a Swansea-based technology developer specialising in floating offshore wind platforms for deep-water applications. Founded in 2008 by Dr Gareth Stockman and Dr Graham Foster, both Swansea University graduates, the company evolved from its original WaveSub wave-energy product to its current flagship, PelaFlex, a modular tension leg platform (TLP) engineered for water depths greater than 60 metres. PelaFlex is designed for high stability with negligible operating tilt, lightweight industrial-scale production, compatibility with existing UK port infrastructure, full recyclability of its steel structure and synthetic moorings, and integration with the world's strongest tendon cables via partner FibreMax.

MPS generates revenue primarily through commissioned engineering studies, Pre-FEED services, seabed application support, and technology partnership arrangements with offshore wind developers and integrated energy companies. Its go-to-market is enterprise field sales targeting major utilities and project developers across the UK (Celtic Sea), Japan, China, South Korea, France, Portugal, and Spain. The company became revenue-generating in mid-2022, and named engagements include RWE (up to 1GW Celtic Sea plan), Simply Blue Group (10GW+ portfolio partner), Cierco Energy (Llŷr Test and Demonstration, Celtic Sea), an unnamed major international utility (1.5GW site evaluation), JGC Japan, and Associated British Ports. Distribution is overwhelmingly direct, complemented by channel relationships with ports, steel suppliers, cable manufacturers, and certification bodies.

MPS has raised over £35 million since inception through a blend of equity investment, equity crowdfunding (Crowdcube), and grants from the Welsh Government, Innovate UK, the European Regional Development Fund, the UK Government, the Crown Estate's Supply Chain Accelerator, and the Offshore Wind Growth Partnership. Recent funding (£8m Welsh Government in March 2026 and £1.2m OWGP in February 2026) is targeted at commercialising PelaFlex and standing up a Port Talbot fabrication facility. DNV issued a Statement of Feasibility for PelaFlex in September 2023, validating technical readiness and supporting the company's positioning to capture share of the global deep-water floating wind market, where roughly 80% of offshore wind resource lies in waters deeper than 60 metres.

Name

Marine Power Systems

Legal name

Marine Power Systems Ltd

Website

https://marinepowersystems.co.uk

Company type

Private

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Marine Power Systems develops PelaFlex, a modular tension-leg floating platform that enables offshore wind deployment in deep waters exceeding 60 metres. The Swansea-based firm licenses technology and provides engineering studies to enterprise wind developers across the UK, Europe, and Asia-Pacific.

Ownership category

akta.pro rank

Headquarters

HQ city

Swansea

HQ country

United Kingdom

HQ region

Europe

Offices2 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Supply Chain, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Technology Licensing and Platform Sales: MPS generates revenue through licensing its PelaFlex platform technology and selling floating offshore wind platforms to developers. The company provides technology partnership arrangements where developers commission MPS for engineering studies, Pre-FEED studies, and technology deployment. By mid-2022, MPS was revenue-generating with leading energy developers commissioning engineering studies.
2. Engineering and Consulting Services: MPS conducts paid engineering studies, Pre-FEED studies, and project planning services for developers. Examples include the RWE commissioned study for Celtic Sea deployment and Pre-FEED studies for integrated energy companies targeting the Celtic Sea opportunity.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Marine Power Systems (MPS) develops and commercialises the PelaFlex floating offshore wind platform — a modular tension leg platform (TLP) designed to deploy wind turbines in deep water (60m+ depths). The company also provides engineering services including Seabed Application Support and Project Pre-FEED studies to help offshore wind developers de-risk and accelerate deep-water projects. Customers include major energy developers, utilities, and integrated energy companies worldwide.

Product overview

Marine Power Systems offers a unified product-and-services portfolio centered on the PelaFlex floating deep-water wind platform. The core product is the PelaFlex platform, a tension leg platform (TLP) technology designed for offshore wind deployment in water depths beyond 60 meters. The company complements its platform technology with engineering services including Seabed Application Support and Project Pre-FEED services, which enable early collaboration with developers to de-risk projects, streamline deployment, and reduce costs. The platform is designed for industrial-scale manufacturing and assembly, with a focus on the UK and global deep-water offshore wind market.

Differentiator

Problem solved

Functional benefit

Brands

• PelaFlex: Structurally efficient deep-water floating offshore wind platform designed for maximum efficiency, engineered for risk elimination, and built for industrial scale. Modular platform capable of deploying wind turbines at depths greater than 60m.

Products and services

• PelaFlex Floating Offshore Wind Platform A modular tension leg platform (TLP) designed to deploy wind turbines in water depths greater than 60 metres. Features structurally efficient lightweight design, high stability with negligible tilt in operation, full recyclability, compatibility with standard UK port infrastructure, and is built for industrial-scale production. Sells/licenses to offshore wind developers and utilities.
• Seabed Application Support Engineering consultancy helping offshore wind developers secure seabed rights by providing PelaFlex as a proven, scalable solution that strengthens project applications, maximises local content, accelerates development, and reduces Levelised Cost of Energy. Sold to project developers and utilities.
• Project Pre-FEED Services High-level site assessments providing insights into consenting and regulatory requirements, environmental impact, optimised system design, local supply chain and port infrastructure opportunities, platform assembly and deployment planning, and project scheduling and cost certainty. Sold to offshore wind project developers.

Quantifiable outcome

• 10-12% LCoE savings compared to semi-submersible platforms
• +4 more outcomes

Named customers5 records

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Eleven partnerships are on record, tiered core, strategic and minor.

• Cierco EnergycoreStrategic or Co-development Partner · 17 July 2025Strategic partnership via MoU for deployment of PelaFlex technology in Llŷr Test and Demonstration projects in the Celtic Sea, approximately 40km off Pembrokeshire coast. Brings together Cierco's offshore wind development expertise and MPS's PelaFlex technology solutions.
• Offshore Renewable Energy (ORE) CatapultstrategicTechnology or Integration · 18 July 2024Collaboration on Marine Energy Engineering Centre of Excellence project to investigate tendon configurations and cost modelling. Study demonstrated 10-12% LCoE savings for PelaFlex TLP over semi-submersible alternatives.
• Associated British Ports (ABP)coreStrategic or Co-development Partner · 18 June 2024Collaboration announced at Renewable UK's Global Offshore Wind trade show to accelerate advancement of floating offshore wind technology in the Celtic Sea. ABP is UK's largest ports operator.
• QuoceantstrategicTechnology or Integration · 18 June 2024Contribution to Quoceant's OWGP project to accelerate Q-Connect technology into floating offshore wind market. Q-Connect provides marine quick connection systems for mooring and electrical connections.
• Tata Steel UKstrategicStrategic or Co-development Partner · 17 June 2024Launchpad project to develop low CO2 steel platforms for floating offshore wind using steel from Tata Steel's Port Talbot site. Project aims to increase local steel usage from 10% to over 50%.
• PLOCANminorStrategic or Co-development Partner · 27 April 2023Partnership to deploy PelaFlex at expected grid connected test site on south-east coast of Gran Canaria, Spain.
• JGC JapancoreStrategic or Co-development Partner · 6 February 2023Non-exclusive collaborative working relationship to deliver floating offshore wind platforms at commercial scale in Japan. JGC Japan's EPCI services combine with MPS's PelaFlex technology to contribute towards Japanese Government's 10GW offshore wind ambition.
• FibreMaxstrategicTechnology or Integration · 1 February 2023Partnership with world's strongest cable manufacturer to provide integrated floating foundation and tendon solutions for PelaFlex tension leg platform. World's first tension leg mooring solution using FibreMax cables.
• Simply Blue GroupcoreStrategic or Co-development Partner · 25 October 2022Partnership to develop and deliver floating offshore wind projects. Simply Blue Group is a leading blue economy developer with over 10GW of floating offshore wind projects under development worldwide. MPS selected as preferred technology partner based on structurally efficient tension legged platform.
• WavECstrategicStrategic or Co-development Partner · 12 October 2022Partnership to deploy PelaFlex technology in pre-commercial floating offshore wind project in north region of Portugal at Viana do Castelo.
• RWEcoreStrategic or Co-development Partner · 6 October 2022RWE commissioned MPS to develop project plan for delivering up to 1GW of floating wind using ports ABP Port Talbot and Pembroke Dock for foundation and turbine assembly. Study identifies materials and components from South Wales supply chain.

Scale indicators16 records

Recent moves7 records

Expansion highlights4 records

Direct peers

• Principle Power: Developer of the WindFloat semi-submersible floating offshore wind platform, the most commercially advanced direct competitor to MPS's PelaFlex. Principle Power already operates the Windfloat Atlantic project in Portugal and is supplying multiple utility-scale arrays, making it the leading benchmark for floating wind platform commercialization against which MPS must compete.
• BW Ideol: Floating offshore wind specialist offering the Damping Pool floating foundation technology. BW Ideol operates demonstrators in France and Japan and pursues a similar licensing-and-co-development model with developers — directly comparable to MPS's go-to-market approach with PelaFlex.
• Stiesdal Offshore Technologies: Danish developer of the TetraSpar floating offshore wind foundation, a modular steel design competing in the same industrial-scale, cost-optimized segment as PelaFlex. Stiesdal is at a comparable commercialization stage and pursues a similar industrial-supply-chain-driven approach.
• X1 Wind: Spanish developer of the PivotBuoy floating wind platform, designed for deep-water applications and demonstrated offshore. X1 Wind is at a similar early-commercial stage to MPS and pursues comparable European and international developer partnerships.
• Gazelle Wind Power: Developer of a hybrid floating offshore wind platform designed for industrial-scale manufacturing and rapid deployment. Gazelle occupies the same niche as MPS — cost-disruptive floating foundations targeting deep-water utility projects.
• Hexicon: Swedish developer of multi-rotation floating wind platforms (TwinWind), targeting deep-water sites and partnering with utility developers. Hexicon is a directly comparable emerging floating wind platform company competing for the same developer mindshare.

Broad incumbents

• Equinor (Hywind): Operator of the Hywind spar-buoy floating wind concept, with Hywind Scotland (the world's first floating wind farm) and Hywind Tampen. As a supermajor-integrated energy company, Equinor is both a competitor (own floating platform) and a potential partner/developer customer for MPS, comparable because it occupies the same deep-water floating wind value chain.
• SBM Offshore: Major offshore engineering and floating production company that has extended into floating wind through its offshore floating substructure capabilities. SBM is a relevant incumbent peer because it brings established marine engineering execution to the same deep-water floating wind market.
• Aker Solutions: Large offshore engineering and subsea contractor actively developing floating wind solutions (including the Aker BP / Hywind-related ecosystem). Aker is a relevant broad peer because of its deep offshore engineering, fabrication, and mooring system capabilities, and competes for floating wind platform scope.
• Saipem: Global offshore engineering, drilling, and marine construction contractor with active floating offshore wind initiatives (e.g., Neptun Deep involvement and floating wind platform engineering). Comparable as a broad incumbent operating in the offshore floating wind installation and BOP space MPS's partners operate in.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• LinkedInlinkedin.com/company/marine-power-systems-ltd-mps-
• Xx.com/wavesub

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds7 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Marine Power Systems