Funding boost for marine power ventures announced in UK

UK marine power projects looking to scale up could benefit from GBP 20 million (USD 32 million) of funding, the government announced.

The cash is to be made available from the UK government's Department for Energy and Climate Change low carbon technologies fund. It is to be set aside to help advance the development of large-scale prototype marine devices into larger formations in the sea.

The funding scheme is expected to open next spring and, subject to a value for money assessment, will support two projects to test prototypes in array formations - the final development stage in generating large-scale electricity from marine power before commercial rollout.

Generating energy from the power of waves or tides has the potential to meet 15-20 percent of the UK's current electricity demand by 2050, according to a statement from the Department for Energy and Climate Change.

In other news, Scottish renewable energy firm AWS Ocean Energy announced that France's Alstom has taken a 40 percent equity share in the company.

Alstom will be a shareholder, alongside Shell Technology Ventures Fund 1 and Scottish Investment Bank, who continue their support of AWS Ocean Energy, AWS reported.

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