London, UK [RenewableEnergyWorld] Wave and tidal energy developers have been invited to bid for £22 million (US$33 million) in new government funding to accelerate the commercial development of marine energy in the UK.
The Marine Renewables Proving Fund will be administered by the Carbon Trust and will provide finance for wave and tidal technology demonstrations.
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: “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.”
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.”