First international client confirmed for new marine facility at Plymouth University

A British-Italian wave energy company has become the first international client to inwardly invest in Plymouth’s burgeoning marine renewables sector.
40South Energy Ltd has signed a contract with Plymouth University to establish a base of operation in its new marine facility on campus. The deal is the first for the £19m new Marine Building, which will offer business collaboration space for marine-focussed enterprise when it opens later this year. And it comes hot on the heels of plans being announced to establish the South West as home to the country’s first Marine Energy Park.

Adam Corney, Marine Commercial Director at Plymouth University, said: “We are delighted to be able to confirm that 40South Energy Ltd will be the first client for the new marine facility, and the first overseas investor into the city in the marine renewables sector.
“It demonstrates the potential that we have here in the city and wider region, and the University will continue in its efforts to bring investment and expertise in through its international contacts.”

40South Energy Ltd is based in Pisa and London, and will initially establish Giovanni Rosato, a project engineer and business developer in the University’s Formation Zone incubation centre in February. Once the new marine building opens, the operation will move to its facilities, which include cutting edge wave generation facilities crucial for the testing of marine energy-generating technology.

Dr Michele Grassi, CEO of 40South Energy Ltd, commented: “I am very pleased that we can use the facilities at Plymouth University to establish an operational base in the south west of England which will become an area of strong growth for our company. It will also give us direct access to the excellent researchers who can support our other projects with skills like environmental impact assessments.”

Professor Julian Beer, Pro Vice-Chancellor for Regional Enterprise, said the deal was a significant moment for the Peninsula Growth Acceleration and Investment Network (GAIN), which not only part-funded the building but also has a significant objective in terms of supporting commercialisation activities.

He said: “The GAIN team will be working closely with 40South Energy – and all of the other clients – on the commercialisation opportunities around new research. It will also be able to provide links to supply chain companies and other support as well as potential investment opportunities.”

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About Plymouth University
Consistently ranked as one of the leading universities in the UK, Plymouth has a strong record of excellence, enterprise and innovation across its teaching and research activities and is distinguished by its long-term engagement with business and the community. Celebrating its 150th anniversary in 2012, the University enjoys outstanding links with employers and plays a key role in civic and regional leadership.
With around 30,000 students, including those studying higher education at its partner colleges throughout the South West, the University is one of largest in the UK. It enjoys a high rate of graduate employment and has recently invested more than £150 million in its estate and facilities to enhance the student experience and support world-class research.
Plymouth has embedded sustainability across its operations, and in 2010 was named by People & Planet as the UK’s number one green university. It is a founding partner in the Peninsula College of Medicine and Dentistry and is the leading provider of Higher Education in Cornwall.

For more information, please visit www.plymouth.ac.uk