Britain in 2.3 million stg boost for wave energy
LONDON - Britain this week pledged up to 2.3 million pounds ($3.36 million) to help develop plants to generate electricity by harnessing the power of waves off the coast of Scotland.
The government money will go to Inverness-based firm Wavegen to help fund three wave energy plants in shallow water off the Western Isles, said the Department of Trade and Industry (DTI) in a statement. The funding depends on finalisation of a technical assessment of the technology by the DTI.
\"Wavegen have submitted a very exciting proposal for DTI funding and I am convinced it can make a major contribution to the development of this new industry,\" said Energy Minister Brian Wilson in the statement.
The cash will come from the 100 million pounds earmarked by the government last year for the development of renewable energy.
Ministers have set a target of producing 10 percent of electricity supplies from renewable energy sources such as wind, wave and solar plants, by 2010 as part of its bid to curb greenhouse gas emissions.
Last year the government granted 1.67 million pounds to Wavegen. The company also secured five million pounds last year towards the commercialisation of its technology in a financing round led by Merrill Lynch New Energy Technology plc.
Wavegen\'s plants are based on its oscillating water column technology which has already been demonstrated in onshore projects.
The technology works by capturing water in a partially submerged shell and using it to compress air and power a pneumatic turbine.
REUTERS NEWS SERVICE
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