UK energy department awards £20m funding for marine energy development
UK-based companies MeyGen and Sea Generation Wales have secured a combined funding of £20m to support the growth of the country’s marine energy industry.
Funding for the two companies has been made available from the government's Marine Energy Array Demonstrator scheme (MEAD) and will be employed for the development and testing of pre-commercial marine devices in array formations out at sea.
Energy and Climate Change minister Greg Barker said that the funding will enable both the companies to take their innovations in marine turbine development to the next level.
"These projects will provide valuable insight into how best to harness the power of the sea and take us one vital step closer to realising the full potential of marine in our future energy mix," added Barker.
The two projects led by the respective companies, were chosen following a UK-wide open competition and are expected to be operational by the end of March 2016.
MeyGen CEO Dan Pearson noted, "We are delighted to be awarded this prestigious capital grant following a thorough assessment process, and we applaud DECC for its continued support of the Marine Energy sector.
"The grant is a ringing endorsement of our project and will be used across all construction aspects of delivering the Demonstration Phase."