Wave and tidal developers are being invited to bid for £22 million 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 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 this month, 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. 

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 £2 billion per year by 2050 and up to 16,000 direct jobs. 

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.