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Offshore Renewable Energy technology and innovation centre announced
An Offshore Renewable Energy technology and innovation centre, which will focus on technologies for offshore wind, wave and tidal power, has been announced.
The Government has committed more than £200m over the next four years to establish an elite network of at least six technology and innovation centres. The centres allow businesses to access equipment and expertise to help them commercialise new and emerging technology and will help them capture a share of the global market.
Business Secretary Vince Cable also announced that £20m will now be invested into two clean technology funds of Zouk Cleantech 2 and HG Capital Renewable Power Partners 2, as part of the £325m UK Innovation Investment Fund.
The funds will support innovative businesses with high growth potential that are raising equity finance. The money will then flow into companies working on alternative energy generation, renewable energy infrastructure including wind farms, energy efficiency and water treatment and conservation.
Cable said: "In creating an Offshore Renewable Energy technology and innovation centre we are taking the next step to transforming the UK into a low carbon economy."
"There is a clear opportunity for the Government to support the UK’s offshore industry and this centre will be of great benefit to the sector and the economy."
Further information:
Department for Business, Innovation and Skills
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