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UK to Lead the Way in Marine Energy

March 1, 2004

News from the The Carbon Trust - UK

LONDON -- A major new development in marine energy in the UK was announced today at the BWEA Wave and Marine Energy conference in Bristol. The Marine Energy Challenge from the Carbon Trust is a major new programme to assess the potential for marine energy devices to achieve a competitive cost of electricity generation against other renewables and fossil fueled power generation.

The Carbon Trust will be working with eight developers: Clearpower Technologies (WaveBob); Ocean Power Delivery (Pelamis); SeaVolt Technologies (Wave Rider); AquaEnergy (AquaBuOY); Lancaster University (PS Frog); Evelop (Wave Rotor); Embley Energy (Sperboy); Wave Dragon (Wave Dragon). The Carbon Trust also plans to carry out discrete work packages such as shoreline OWC, tidal stream, and marine energy design codes and standards, to supplement the direct technology assessment.

Tom Delay, Chief Executive of the Carbon Trust, comments, "As yet no country has taken a leading position in marine energy. A relatively small investment now could make a significant impact to the UK's competitive position due to the early-stage of technology development."

Recent research by the Carbon Trust highlighted the potential for the UK to become a global leader in marine energy. The UK is ideally placed because of its huge exploitable natural resources; a high concentration of early-stage developers; and significant indigenous human capital applicable to the development of marine energy.

Delay adds, "the Marine Energy Challenge will really show whether there is potential for marine energy development and, if there is, put the UK at its forefront. The main barrier to the UK achieving such a position is confirmation that the emerging marine energy devices could become cost-competitive against other renewables and ultimately base-load fossil fueled power generation. The Marine Energy Challenge will answer this question as well as accelerate development of technologies."

The objectives of the Marine Energy Challenge are to:

• Review devices and device concepts in order to establish the potential of wave and tidal devices to become cost-competitive;

• Engage engineering design companies to produce detailed engineering reports, including design drawings, in order to assess wave and tidal viability to a higher degree of accuracy than has been done in the past;

• In so doing, confirm whether electricity generation costs can be reduced, and if so, to transfer technology, build capacity in the industry, and move device development forward.

In addition, the Marine Energy Challenge will provide a clearer picture of the cost and performance of the types of device and the fundamentally different methods employed to extract energy from the waves and tides; help to clarify other barriers to commercialization; and allow an assessment of the UK's competitive position as a technology supplier.

About the Carbon Trust

1. The Carbon Trust works with UK business and the public sector to cut carbon emissions. Set up by the Government to help the UK meet its climate change obligations, the Carbon Trust creates practical, business-focused solutions to carbon emission reductions.

2. The Carbon Trust's annual funding amounts to approximately £50m a year in grants from Defra, the Scottish Executive, the National Assembly for Wales and Invest NI. In addition, the Carbon Trust promotes the Enhanced Capital Allowance scheme which is worth up to £150m per annum, depending on take-up.

3. The Carbon Trust's Marine Energy Challenge is an approved £2.5m programme forecast for completion by end of financial year 2004/200Of the successful bidders, 4 device developers are from overseas, including 2 from the US, 1 from Denmark and 1 from the Netherlands. The Marine Energy Challenge is internationally focused in order to attract foreign investment to the UK as overseas developers have already, or plan to, open UK bases of operation to tackle the UK and EU markets; ensure the UK is aware of the competition as well as overseas marine markets; and ensure the UK is state-aid compliant.

The Carbon Trust helps business and the public sector cut carbon emissions and capture the commercial potential of low carbon technologies.

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