Twenty two million pounds of public money has been made available to fund new wind and tidal energy schemes to accelerate the development of renewable marine energy in the UK.
The Marine Renewables Proving Fund will allow government agency the Carbon Trust to finance projects to demonstrate wave and tidal technologies.
The Trust believes that more support is needed for marine technologies to be taken through to prototype stage to be made viable for further funding.
“The Proving Fund will help marine projects get off the drawing board and into the water.”
Lord Hunt, energy minister
“Wave and tidal power is a fantastic resource for the UK that could provide up to 20% of our current electricity demand and cut carbon dioxide by tens of millions of tonnes,” said Carbon Trust chief executive Tom Delay.
“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,” said energy minister Lord Hunt.
The Trust says 25% of wave technologies are being developed in the UK and this market, is expected to be worth £2bn per year and employ 16,000 by 2050.