Cash injection for UK energy sector

A £42 million wave energy project off the Cornish coast has been awarded an extra £1.5 million.

The cash injection was announced by Business and Enterprise Minister Mark Prisk during a visit to the South West to oversee the development of the Wave Hub project at Hayle which, when completed, will be the largest wave energy technology test site in the world.

The funding will be used to develop and build a larger 500kW version of Ocean Power Technologies’ (OPT) ‘Powerbuoy’ device, which harnesses the natural energy inherent in ocean waves to produce clean, reliable electricity.

Mr Prisk said the investment, facilitated by the South West Regional Development Agency, was a vote of confidence in the UK’s engineering and manufacturing expertise.

“This ground-breaking Wave Hub project is evidence of British engineering and offshore expertise – almost 80% of the value of contracts awarded so far have gone to UK businesses.

“The UK is already leading the way in marine energy, with 25% of the world’s wave and tidal technologies being developed here. This is a huge opportunity for UK business – the sector could be worth £2 billion by 2050 and it has the potential to create up to 16,000 jobs by 2040.”

The Government has stepped up its funding of tidal energy projects in recent months, following a £7 million windfall for nine separate projects that will form part of the UK’s wider strategy of harnessing its natural resources as part of a low carbon future.

Mr Prisk said a further £15 million would be invested in infrastructure and a new dedicated business park at Hayle Harbour to support the Wave Hub project.

Angus Norman, chief executive of Warwick-based OPT, said the investment was a “tremendous endorsement” of the research and innovation that has gone into its Powerbuoy technology.

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