Tidal Energy Limited has been awarded a £390,000 grant from The Carbon Trust’s Entrepreneurs Fast Track scheme.
According to the IB Times, the grant is around 60 per cent of the amount needed to monitor the environmental impacts of Wales’s first tidal stream renewable energy device. Impacts will be monitored by way of a 1.2 MW DeltaStream device that will be placed into the Welsh waters just off the Pembrokeshire coast.
The findings produced from the monitoring will then be published for the wider marine energy industry to consider.
Beni Sykes as Director of Innovation at The Carbon Trust said: “The UK’s marine energy industry is world-leading and generating energy from the tides could be a major driver of green growth for us. This grant should provide essential insight into the effects of tidal turbines in sensitive marine environments and, as the findings will be made publicly available, benefit the entire industry?
Through our Entrepreneurs Fast Track programme we accelerate the UK’s best early stage clean technologies towards commercialisation and the companies behind them from start-up to attractive investment proposition.?
Chris Williams as Development Director at Tidal Energy Limited continued: “We were accepted onto the Carbon Trust’s Entrepreneurs Fast Track programme earlier this year, in order to obtain the commercial advice and support we needed to take our renewable tidal technology to market. We have benefited from the Carbon Trust’s considerable expertise and are now delighted to have been awarded up to 60 per cent of the funding we require to conduct environmental assessments for our Ramsey Sound project.”
Tidal Energy Ltd and its majority shareholder Eco2 will make environmental monitoring data available to the market and are pleased to work with the Carbon Trust for the benefit of the whole industry.
An earlier report by The Carbon Trust has shown that the marine energy industry is one full of potential. The UK has the ability to capture as much as one-quarter of their energy from marine sources. With investment in the market in the region of £76 billion by 2050, this could result in the creation of around 70,000 UK jobs.