To help develop and commercialise wave and tidal technology, the UK has the most comprehensive marine energy support regime in the world. This provides support from the earliest stages of university research through to demonstration and deployment under the banded Renewables Obligation.
The Government provides early-stage research and development funding for marine energy through the Research Council’s SuperGen Marine programme. Later-stage demonstration and deployment funding comes through various bodies, such as the Technology Standards Board (TSB), the Carbon Trust and the Energy Technologies Institute (ETI).
While there is some overlap in the development stages each funding body covers, they offer support in different ways, so it is worth contacting each funding body to find out which is best for you.
The Energy Generation and Supply Knowledge Transfer Network (KTN) provides information on funding available to progress innovative technology ideas, and promotes opportunities for collaboration. The KTN also provides a list of existing technology calls.
In June 2011 the Department announced it is investing up to £20 million in wave and tidal power to help develop marine energy technologies from the prototype stage to demonstration of arrays of devices. The money will come from the Department’s budget of more than £200 million to fund low carbon technologies, announced in last year`s spending review.
The scheme, known as the Marine Energy Array Demonstrator (MEAD) is now open for applications until 1 June 2012. The scheme will support two projects to test wave and/or tidal stream energy prototypes in array formations – the final development stage in generating large scale electricity from marine power prior to commercial roll out.
Under the banded Renewables Obligation, wave and tidal technologies will receive two ROCs (5 for wave and 3 for tidal technologies in Scotland) for each MWh of eligible generation produced. A banding review is currently underway for ROC levels in the UK.
Cost of and financial support for wave, tidal stream and tidal range generation in the UK Report
To help facilitate the development and deployment of marine energy technology, DECC and the Scottish Government commissioned a joint study into the “Cost of and financial support for wave, tidal stream and tidal range generation in the UK”. The report will underpin the development of the support required by the marine sector, including capital support for technology development and revenue support through the Renewables Obligation, going forward.
Wave & Tidal investor survey report
A separate survey into the views of the different types of investor that would be needed to come into the marine energy sector to take it through to commercialisation was undertaken by Kreab and Gavin Anderson on behalf of DECC. The investors interviewed included banks, corporates, venture capitalists and angle investors. All are involved in renewable energy and some are already investors in the marine sector.