Carbon Trust launches tidal fund

News

A £22m Carbon Trust fund aimed at demonstrating wave and tidal technologies could prove decisive in attracting investors into a high-risk market sector.

A £22m fund aimed at demonstrating wave and tidal technologies has been launched by the Carbon Trust as part of the government’s Renewable Energy Strategy.

The Marine Renewables Proving Fund (MRPF), initially announced in July, has been designed to accelerate commercialisation of UK marine energy, following demand from industry to provide additional support for the development and testing of prototype devices.

Lord Hunt, the energy and climate change minister, said: ‘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.’

The existing funding structure means that developers only gain support from a Marine Renewables Deployment Fund (MRDF) once they have completed their research and development, and are ready to move their prototypes into a commercial environment.

Register now to continue reading

Thanks for visiting The Engineer. You’ve now reached your monthly limit of news stories. Register for free to unlock unlimited access to all of our news coverage, as well as premium content including opinion, in-depth features and special reports.  

Benefits of registering

  • In-depth insights and coverage of key emerging trends

  • Unrestricted access to special reports throughout the year

  • Daily technology news delivered straight to your inbox

Register
Or continue by

Signing in with your registered email address