NewEnergyNews: Ocean Energy Catches A New Wave In Europe

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    Friday, November 18, 2016

    Ocean Energy Catches A New Wave In Europe

    EU plans €320m funding boost for budding ocean energy industry; Investment fund would help wave and tidal power to provide a tenth of the bloc’s power by 2050

    Arthur Nelsen, 9 November 2016 (UK Guardian)

    “…The EU is proposing [a €250m investment fund, with an additional €70m set aside for insurance, loans and guarantees] to help the budding [wave and tidal] energy industry to provide a tenth of the bloc’s power by 2050…The money would be supplied by the EU and its member states and should work as a buffer for companies that are attempting to cross the ‘valley of death’ between demonstration projects and the energy market...In further good news for the sector, Carnegie Wave Energy in Cornwall…[has] secured £9.6m of EU funding that would enable it to connect England’s first commercial-scale wave power project to the grid…[The] 15MW array at Cornwall’s wave hub centre should now be commissioned in 2018, before commercial deployment in 2021…Around half of the world’s wave and tidal energy companies are today based in Europe, and officials believe that the industry could generate up to €653bn by mid-century, with an annual market of €53bn…” click here for more

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