New wave fund designed to inspire cheap energy projects - 24/09/2009
People looking to switch energy to cleaner sources may be encouraged by a new £22 million fund that has been established by the government.
The Marine Renewables Proving Fund has been designed to encourage the development of commercial cheap energy wave technology that can generate electricity from the motion of the sea.
Funding will be managed by environmental organisation the Carbon Trust and could help progress projects that remain in the planning stages.
Energy and climate change minister Lord Hunt said: "The Proving Fund will help marine projects get off the drawing board and into the water, taking them a vital step closer to full scale commercial viability."
Technologies that are shown to work could then become eligible for additional funding from the Marine Renewables Deployment Fund.
Many experts consider the UK's coastline's to be relatively untapped in terms of energy reserves, while wind turbines have a higher public profile.
The UK is committed to generating 15 per cent of its national electricity demands from clean energy sources by 2020.
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