A £20 million marine scheme that will support up to two pilot wave energy projects was launched by the UK Government today.
Energy and Climate Change Minister Greg Barker said the Marine Energy Array Demonstrator Scheme would “help move marine power to the next stage of development, the demonstration of a number of wave and tidal devices in array formation out at sea”.
“This will take us one vital step closer to realising our ambitions of generating electricity from the waves and tides, powering homes and businesses across the whole of the UK with clean, green electricity,” he said.
UK organisations will be able to bid for a share of the £20 million prize that was first announced last summer. Winning bids will be announced by the government towards the end of the year.
The Department of Energy and Climate Change says marine power has the potential to provide up to 20 per cent of current electricity demand in the UK, as well as help the country reach its climate targets and support thousands of jobs.
RenewableUK has estimated that at least £120 million is needed for the UK industry to reach full-scale deployment. Every pound of public funding in the UK has unlocked £6 of private investment, but more is needed, according to the lobby group.
The technology, like other renewables such as solar and biomass, needs government funding to reach commercial scale and then subsidies after that as it grows to be more cost efficient.
Find out more about the scheme and how to apply.