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

According to Carbon Trust, the new finance will bridge a funding-gap that was stifling progress, which will trigger increased confidence in the sector.

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. Designed and managed by the Carbon Trust, the Marine Renewable Proving Fund (MRPF) uses new funding from the Department of Energy and Climate Change (DECC).

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% 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 GBP2bn economic opportunity for the UK.”

Lord Hunt of King’s Heath, Minister of State for Energy, said: “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.

“With our excellent wave and tidal resources – the richest in Europe – and our expertise in oil and gas exploration, we are world leaders in this field. We need to continue to encourage innovation and ingenuity in the sector, which is why I am pleased to congratulate the six successful projects that will receive funding totalling GBP22m to help accelerate the development of their leading technology.”

Carbon Trust analysis shows that 25% of the world’s wave and tidal technologies are being developed in the UK. All of the devices receiving MRPF funding will be deployed in UK waters, which will stimulate supply chain opportunities associated with construction and deployment of these technologies.

Over 75% of the funding released through the MRPF will go to the UK supply chain.The Carbon Trust has selected Atlantis Resources, Aquamarine Power, Hammerfest Strom UK, Marine Current Turbines, Pelamis Wave Power and Voith Hydro to receive support.