'Continued govt support needed' for cheap energy marine sector - 20/11/2009
Support from the government will be needed if more people are going to be able to compare energy prices from the marine sector, according to a report from Frost & Sullivan.
Venture capital remains integral to the development of the technology as it remains in its infancy, but the impact of the recession has been a sharp reduction in the number of businesses willing or able to invest.
Existing government funding includes a £22 million fund that has been made available through the Marine Renewables Deployment Fund and Frost & Sullivan said investment of this level must continue if the technology is to reach its full potential.
Gouri Kumar, an industry analyst with Frost & Sullivan, said: "Consequentially, the injection of venture capital, private equity or government grants is critical, especially since the financial crisis effectively sank contributions from private investors."
Wind turbines remain one of the highest-profile forms of renewable energy technology and the government plans a series of offshore wind farms in the coming years.
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