UK awards £22m to marine technology innovators

3 February 2010

The UK’s Carbon Trust has awarded £22m to the six new marine technologies. The Marine Renewable Proving Fund (MRPF) uses new funding from the Department of Energy and Climate Change (DECC) to help the UK technologies to progress towards early stage deployment and accelerate the first commercial projects in UK waters.

Following an assessment process, the Carbon Trust has selected Atlantis Resources, Aquamarine Power, Hammerfest Strom UK, Marine Current Turbines, Pelamis Wave Power and Voith Hydro to receive support.

Greenpeace executive director, John Sauven said, ‘Marine renewable technologies are cutting edge and the UK is in pole position to lead the innovation and commercialisation of this secure energy source, which will keep our economy competitive. The Carbon Trust grants will give a much needed boost and to build on them we need all political parties to show their full commitment to achieving Britain’s renewable energy targets.’

Set against a shortage of funding in the sector, the new finance will bridge a funding-gap that the Carbon Trust said was stifling progress, creating more certainly around the technical performance of each technology which will trigger increased confidence in the sector.

Tom Delay, chief executive of the Carbon Trust said, ‘The UK must urgently diversify, decarbonise and secure its energy sources and marine energy could over time provide up to 20 per cent of the UK’s electricity. Generating electricity from the UK’s powerful wave and tidal resource not only plays a crucial role in meeting our climate change targets but also presents a significant economic opportunity for the UK. Wave alone presents a £2bn economic opportunity for the UK.

‘Getting the first commercial projects in the water is critical to de-risk the technology and attract the necessary private sector investment,’ added Delay.

Carbon Trust analysis shows that 25 per cent of the world’s wave and tidal technologies are being developed in the UK. All of the devices receiving Proving Fund funding will be deployed in UK waters and over 75 per cent will go to the UK supply chain, added the Carbon Trust. Marine energy is currently ten years behind offshore wind energy in its development, but according to the Carbon Trust costs can be dramatically reduced over the next ten years, which could see up to a thousand devices operating in the water by 2020.

‘Our seas are a fantastic asset that could generate the kind of clean, green and home-grown wave and tidal power that will boost our transition to a low carbon economy,’ said Lord Hunt of King’s Heath, Minister of State for Energy. ‘We need to continue to encourage innovation and ingenuity in the sector.’

The Carbon Trust has supported the marine sector since 2003 and committed over £12m of funding to date. Some of the designs receiving MRPF funding have already undergone testing at the European Marine Energy Sector which is part funded by the Carbon Trust.

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This story was published on Wednesday, February 3rd, 2010 at 11:31 am and is filed under Europe, deals, energy efficiency, water. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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