Marine renewables see investment boost

10 August 2010

Business and enterprise minister Mark Prisk (pictured) has announced a GBP1.5 million investment in the development of wave energy technology during a visit to the South West RDA Wave Hub project at Hayle in Cornwall. Mr Prisk said the additional GBP1.5 million grant from the RDA would allow wave energy company Ocean Power Technologies (OPT) to develop a larger version of its ‘Powerbuoy’ wave energy device.

The Technology Strategy Board has also announced plans to invest GBP7 million in nine projects aimed at developing wave and tidal technologies.

OPT is the first company signed up to use Wave Hub, which is a GBP42 million project to create the world’s largest test site for wave energy technology, off the north coast of Cornwall. Mr Prisk said the ground-breaking Wave Hub project is evidence of British engineering and offshore expertise and that almost 80% of the value of contracts awarded so far have gone to UK businesses.