UK offers £22 million for early-stage marine-energy firms

The UK government is inviting wave- and tidal-energy developers to bid for £22 million in new funding aimed at accelerating the commercial development of marine energy in Britain.

The Marine Renewables Proving Fund, announced in July as part of the government’s Renewable Energy Strategy, will be designed and delivered by the Carbon Trust and will provide financing for the demonstration of wave and tidal technologies.

The fund was created to address demand from industry, as well as to an analysis by the Carbon Trust that showed extra support is needed to take marine devices successfully from initial prototype development through to early-stage commercial generation, where they are then eligible for funding from the Marine Renewables Deployment Fund.

“Clean green renewable energy is a central component of our response to climate change and ensuring future energy supplies,” said Energy and Climate Change Minister Lord Hunt. “The scope for wave and tidal energy around the UK’s shores is massive and we’re working closely with developers in the UK to bring on the necessary technologies.”

He added, “The Proving Fund will help marine projects get off the drawing board and into the water, taking them a vital step closer to full-scale commercial viability.”

Project bids will be assessed and managed by the Carbon Trust, which has been supporting the marine sector since 2003. The organisation has assessed or worked with more than 60 different marine energy devices and committed over £12 million in funding to date.

Earlier this month, the Carbon Trust announced its support for two marine-energy devices — Pelamis Wave Power and Marine Current Turbines — as part of its existing Marine Energy Accelerator initiative. Support will focus on reducing costs associated with the installation, operations and maintenance of marine-energy devices.

“Wave and tidal power is a fantastic resource for the UK that could provide up to 20 per cent of our current electricity demand and cut carbon dioxide by tens of millions of tonnes,” said Tom Delay, chief executive of the Carbon Trust. “There are many exciting technologies in development; however, for these to reach commercial viability we need to focus on cost reduction and make mass deployment a reality.”

Carbon Trust analysis has shown that, with 25 per cent of the world’s wave technologies already being developed in the UK, Britain could be the “natural owner” of the global wave power market, generating revenues worth £2 billion per year by 2050 and up to 16,000 direct jobs.

To generate maximum economic benefit, the government intends to publish its Marine Action Plan early next year. This will set out the key steps which will need to be taken by both government and industry to make the mass deployment of marine-energy technologies a reality.