Tidal firms share £8m proof of concept pot

By PETER RANSCOMBE
Published on 30/08/2012 00:00

FIVE companies that are developing wave and tidal power machines are to share nearly £8 million in European Union (EU) funding to demonstrate their devices can work in Scotland’s powerful seas.

The EU cash was awarded through the Waters 2 scheme run by Highlands & Islands Enterprise, Scottish Enterprise and the Scottish Government.

Deputy First Minister Nicola Sturgeon unveiled the cash during a visit to Orkney. She said: “By supporting wave and tidal technologies we can stimulate innovation, investment, job creation and help protect the planet.”

Orkney-based Scotrenewables Tidal Power, which is backed by French energy giant Total and Norwegian shipping line Fred Olsen Group, will receive £1.2m towards the £9.24m cost of developing two tidal turbines.

AlbaTern is getting £617,000 for its £1.3m wave energy array, while AWS Ocean Energy – which is chaired by Entrepreneurial Exchange chief executive John Anderson and is backed by Global Energy Group’s Isleburn fabrication unit – will receive £3.9m for its £15.6m project.

Strathclyde University spin-out Nautricity is to build a £4.9m tidal turbine using its £1.4m grant, while Oceanflow Development will make a £1.3m tidal device with its £750,000 award.