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The UK Government yesterday opened a new £22 million fund for commercial developers of marine energy.

The Marine Renewables Proving Fund, which was announced in July as part of the Government’s Renewable Energy Strategy, will help wave and tidal projects get off the ground and move towards commercial viability.

“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,” said Energy and Climate Change Minister, Lord Hunt.

The fund will be administered by the Carbon Trust, which earlier pledged support for two marine energy companies, Pelamis Wave Power and Marine Current Turbines, as part of another initiative.

“Wave and tidal power is a fantastic resource for the UK that could provide up to 20% of our current electricity demand,” commented Tom Delay, chief executive of the Carbon Trust.

“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,” he added.

According to the Carbon Trust, a quarter of the world’s marine technologies are being developed in the UK and the country could become the ‘natural owner’ of the wave power market.

“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,” commented Steph Merry, head of marine at the Renewable Energy Association.

The Government says it will publish a Marine Action Plan early next year laying out the steps it needs to take, along with the industry itself, to enable the mass deployment of marine energy technologies.

The government-backed Technology Strategy Board has also announced today a complementary funding programme, which will be launched in the spring, to support longer-term projects.

For further information:
www.decc.gov.uk
www.carbontrust.co.uk/mrpf
www.r-e-a.net/
www.innovateuk.org/

Related stories:
Carbon Trust backs cutting-edge marine energy technology (14-Sept)
South West England receives £10.3 million boost to marine energy (7-Jul)
Carbon Trust awards £1 million to cut cost of marine energy (19-Dec 2008)