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£1.5m investment announced for wave energy technology development
A £1.5 million investment from the RDA for the development of wave energy technology has been announced.
The investment would allow wave energy company Ocean Power Technologies Ltd (OPT) to develop a 500kW version of its existing 150kW Powerbouy wave energy device, which converts wave power into electricity.
OPT will be working with A&P Falmouth and the Peninsula Research Institute for Marine Renewable Energy during the development phase.
The company also hopes to deploy a 150kW version of Powerbuoy at Wave Hub, which is a £42 million project to create the world’s largest test site for wave energy technology, off the north coast of Cornwall. OPT is the first company signed up to use Wave Hub,
Wave Hub is being installed on the seabed over the course of the next few weeks and is a cornerstone of the UK’s ambition to grow a world-class marine energy industry.
The Minister plans to invest £15m, including £5m from central Government, in major infrastructure improvements around Hayle Harbour, to support the development of a new marine energy business park, creating up to 200 jobs.
Business and Enterprise Minister Mark Prisk said: "This is a huge opportunity for UK business – the sector could be worth £2bn 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."
Further information:
Department for Businesses, Innovation and Skills
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