A grant of up to £5M has been put in place to encourage the development of businesses based around marine energy in south west England.
The cash for a business park in the South West comes as part of the government’s commitment to marine energy in the UK.
The Marine Renewables Business Park at Hayle will benefit from being near the pioneering £9.5M Wave Hub project which will create the UK’s first offshore facility to show the operation of wave energy generation devices.
The Government also this month announced £4M of funding for a Marine Building at the University of Plymouth which will house new wave tank facilities and provide a flagship location where researchers and enterprises can interact and collaborate.
Business minister Ian Lucas said: “The UK has huge potential to lead in marine energy - not just the natural resources but the industrial and technology base and the R&D and skilled workforce. The grant we’re announcing today is part of the Government’s investment in the South West as a leading area for marine renewable energy.”
Claire Gibson, director of sustainable resources at the South West RDA, said: “This is another important step in securing the South West as the leader in marine renewables. With Wave Hub now under construction, the business park will be a significant facility that will nourish the nascent marine renewables industry.