Patricia Hewitt, the UK’s Secretary of State for Trade and Industry, today announced a £50 million fund to develop wave and tidal stream power as a potential source of renewable energy.
Announcing the £50 million Marine Research Development Fund, Patricia Hewitt said: “The UK’s wave and tidal flows are the greatest in Europe and I want to ensure we harness these immense natural resources to generate power for the UK. Today’s announcement reflects that vision and puts us firmly on the path to becoming the world leader in renewable energy.”
The fund will support businesses throughout the UK who can take first class research and development and bring it to market.
The announcement coincides with a study from the Scottish Executive’s Forum for Renewable Energy Development in Scotland’s subgroup on Marine Energy, which is also published today.
The Marine Energy Group’s report sets out an action plan to: accelerate the commercial deployment of marine energy devices in Scotland; maximise the contribution from marine energy to Scotland’s energy mix by 2020; and develop a sustainable manufacturing base for marine energy technologies in Scotland.
Work on the precise mechanism for development of wave and tidal stream is underway with the Scottish Executive, Carbon Trust and other key stakeholders.
“This is excellent news and a significant boost to the UK marine sector. The Carbon Trust is already working with the leading wave and tidal stream companies through our Marine Energy Challenge to accelerate the development of these technologies,” said Tom Delay, Chief Executive of the Carbon Trust.
“With the DTI and the Scottish Executive we are supporting the world’s first marine test centre in Orkney. The next step is to make the UK a global centre of excellence and we look forward to working with the Government and the Scottish Executive to make this a reality,” added Delay.