Wave energy scheme can go larger following £1.5m grant

lparks@westernmorningnews.co.uk

A £1.5 million grant for wave energy technology for the Wave Hub scheme has been announced by the business and enterprise minister Mark Prisk.

Mr Prisk made the announcement during a visit to the Duchy which saw a £2.5m funding announcement for the Combined Universities in Cornwall campus at Tremough.

The grant will allow wave energy company Ocean Power Technologies Ltd to develop a larger version of its Powerbuoy wave energy device.

OPT is the first company to have signed up for one of four berths of the Wave Hub, a £42m scheme to create the world’s largest test site for wave energy technology, off the coast of Hayle. Wave Hub is being installed on the seabed over the next few weeks and is a world-leading marine energy scheme.

Mr Prisk said: “This groundbreaking Wave Hub project is evidence of British engineering and offshore expertise – almost 80 per cent 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 per cent 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.

“But this is a young industry and it needs support to realise that potential. That’s why Government is continuing to provide £18.5m of support for marine projects here in the South West.”

During his visit, the Minister was briefed on the progress of Wave Hub, and plans to invest £15m in infrastructure improvements around Hayle harbour, to support the development of a new marine energy business park, creating up to 200 jobs.

OPT, based in Warwick, is developing a scaled-up 500kW version of its 150kW Powerbuoy wave energy device, which converts the power of the waves into electricity.

It will be working with A&P Falmouth and the Peninsula Research Institute for Marine Renewable Energy – a collaboration between the Universities of Plymouth and Exeter – during the development phase.

The company hopes to deploy a 150kW version of Powerbuoy at the Wave Hub.

OPT chief executive Angus Norman said: “We share the Government and the RDA’s vision that the UK has a unique opportunity to leverage its geographic location and engineering expertise to harness wave power for abundant, safe and renewable energy as well as a source of new jobs and industrial regeneration.

“We also believe our next generation PB500 PowerBuoy will be competitive in larger production volumes with fossil fuel-based energy.”

The announcement coincides with the creation of a new body aimed at promoting the South West as a hotspot for environmental technologies and services.

Low Carbon South West aims to lobby on behalf of firms in the sector and to encourage businesses to relocate to the South West.