Green energy supplier Ecotricity is set to add marine power to its range of renewable sources – which currently include wind and solar generators - in order to offer customers cheap electricity.
The firm is developing an innovative new device called Searaser to harness the power of the waves that is claimed to be able to overcome issues of cost and intermittent output that are currently the main barriers to commercial energy generation.
Founder of Ecotricity Dale Vince said: "We believe Searaser has the potential to produce electricity at a lower cost than any other type [of] energy - not just other forms of renewable energy but all 'conventional' forms of energy too."
The company stated its investment will see the first commercial-scale device operational within 12 months, while it is hoping to have 200 units around the UK's coast within five years.
Meanwhile, it has been announced the country's first Marine Energy Park is to be built in the south-west, stretching from Bristol to the Isles of Scilly.
Climate change minister Greg Barker said marine power has "huge potential" to contribute to a greener electricity market in the UK, as well as create thousands of jobs.
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