Thursday, January 17, 2013
Companies invited to bid for share of £20million Crown Estate funding.
NORTH Devon MP Nick Harvey has welcomed a huge cash boost for marine energy projects.
The Crown Estate, which owns the UK’s seabeds, has announced it will invest £20million in the expansion of wave and tidal projects around the UK.
The funding will come as a huge benefit to the growth of the marine power industry, whose technology has not yet been marketed on a commercial scale.
Despite a number of successful tidal turbine trials, including off the coast of Lynmouth coast eight years ago, a lack of capital finance had prevented the technology coming to market.
Mr Harvey said he hoped companies would seize upon this opportunity to bid for the cash, before the deadline on February 15.
He said: “This £20million cash injection towards harnessing the UK’s huge untapped tidal energy resources is excellent and timely news.
“It is vital to drive the development of marine projects forward, many of which have been stuck at the demonstration phase for years owing to a lack of finance.
“Marine power has an incredibly important role to play in reaching the UK’s decarbonisation targets, and our own experience here in North Devon of the Lynmouth trials – which wholly exceeded expectations – proved that it is a viable and extremely efficient source of renewable energy.
“I hope companies will seize upon this opportunity and bid for the cash.”