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 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 GBP12 million of funding to date.
Earlier this month, the Carbon Trust announced it is to support two 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, chief executive of the Carbon Trust, commented: “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. 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.”
Carbon Trust analysis has shown that, with 25% 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 GBP2 billion per year by 2050 and up to 16,000 direct jobs.
Maria McCaffery, BWEA chief executive, commented: “BWEA has consistently called for a coordinated approach to the funding landscape, and the industry focus that runs through this programme clearly demonstrates that this call has been heard. The fund will provide much needed capital support to the developing wave and tidal industry. The emphasis on proving full scale technology clearly represents the advances that the UK industry has achieved to date, whilst also providing an excellent spring board towards the Marine Renewables Deployment Fund.”
Steph Merry, REA Head of Marine, said: “The REA is delighted by today’s launch of the Marine Renewable Proving Funding. This fund provides essential support towards qualifying for the Marine Renewables Deployments Fund. Together these funds will help the UK capitalise on its current status as world leader in the development of wave and tidal devices by helping the marine renewables industry develop commercial applications.
“It is vital that the UK maintains this current lead and Government needs to give investors positive signals in order to build confidence in the sector and to support UK manufacturing and jobs. The Marine Renewable Proving Funding is a good example of government understanding the real needs of the industry. Wave and Tidal resources in the UK have the potential to provide up to 20% of total UK electricity and the new scheme will help them make a significant contribution to 2020 renewable energy targets.”
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.
