UK backs marine energy with new £22m fund

22 September 2009

Wave and tidal developers are invited to bid for £22m in new government funding to accelerate the commercial development of marine energy in the UK.

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 finance for the demonstration of wave and tidal technologies.

The funding follows demand from industry and analysis by the Carbon Trust which has shown that extra support is needed to take marine devices successfully from initial prototype development through to early-stage commercial generation, where they are eligible for funding from the Department of Energy and Climate Change (DECC) Marine Renewables Deployment Fund.

Energy and Climate Change Minister, Lord Hunt said, ‘Clean green renewable energy is a central component of our response to climate change and ensuring future energy supplies.

‘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.

‘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. It has assessed or worked with over 60 different marine energy devices and committed over £12m of funding to date.

Earlier in September, the Carbon Trust announced it is to support two leading 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.

Tom Delay, CEO of the Carbon Trust, said, ‘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. 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. The targeted support provided by the Marine Renewables Proving Fund is a much needed boost to the UK’s clean tech revolution and we are delighted to be playing a key role in its delivery.’

The Carbon Trust claims that its 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 £2bn per year by 2050.

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.

Copyright © 2009 NewNet

Tags: marine energy, tidal energy, wave energy

This story was published on Tuesday, September 22nd, 2009 at 5:36 pm and is filed under Europe, deals, policy, 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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