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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