Wave energy developer Aquamarine Power welcomes the £60m package for marine renewable energy development announced yesterday [July 15] by the Department of Energy and Climate Change (DECC) under The UK Low Carbon Transition Plan.
The package includes £9.5m for the Wave Hub in Cornwall; £10m for the New and Renewable Energy Centre (NaREC) in Northumberland; £10m South West Regional Support for deployment and R&D and £8m to the European Marine Energy Centre (EMEC) in Orkney.
Critically, it includes a £22m Marine Renewables Proving Fund to support developers testing & developing pre-commercial prototypes.
Martin McAdam, Chief Executive Officer of Aquamarine Power, commented:
“There is a world-wide race to develop marine renewable technology and – with the correct government support – the UK has the potential to capitalise on this and create a substantial manufacturing and export industry.
“The £22m Marine Renewables Proving Fund will provide vital assistance for developers such as Aquamarine Power to take their devices from full-scale demonstrators to commercial reality.
“However the industry still requires substantial R&D funding and infrastructure investment in ports, manufacturing and the electricity transmission network.
“The prize for success will be considerable – Germany and Denmark have built multi-billion pound industries by taking the lead in wind technology. With the right support the UK could make a similar success of wave and tidal technology.
“Scotland has Europe’s best wave resources and is the natural home for this exciting new industry”.