A million pound investment campaign is being launched by a Gloucester business to ensure there is a future for a ground-breaking energy producing project.

Tidal Power PLC have launched a £1.2million Investor Memorandum to enable work to secure in perpetuity planning permission for the Swansea Bay Tidal Lagoon.

The Lagoon received its main planning permission from the coalition government in June 2015.

It was found to be a 'no regrets policy' option by the Conservative governments Hendry Review of tidal lagoons in 2017.

But with huge political uncertainty that has existed since the initial decision was made, the scheme has become somewhat suffocated and the planning permission runs out in 2020

So, Tidal Power have decided to act with the £1.2million looking to secure lasting permission for the scheme to go ahead.

In a statement, Tidal Power said: "Swansea Tidal Lagoon is designed as the pathfinder for a potential fleet of tidal lagoons capable of satisfying more than 10 per cent of the UK's electricity demand for the next five generations.

"The Swansea project will create thousands of jobs and launch a new British manufacturing industry. It will pioneer UK build modular construction methodologies.

"It commits to building a new UK hydro-turbine manufacturing plant and establishes the UK as the world leader in tidal power.

"The project harvests the rise and fall of the tides, operating 14 hours a day to generate electricity for 175,000 homes for the next 120 years - working in harmony with nature while regenerating deprived coastal communities and bolstering nationwide industrial employment.

"Shares will cost £2.50 each and will be offered at a minimum subscription of £500. The scheme is targeting high net worth individuals or experienced private company investors.

"The project's founding investor base has committed a six figure sum to kick-start the fundraising effort."