Insider Secrets

Insider Secrets

Learn how the PROs are making money from the oil and energy market.

Loading, please wait

Scotland Offers £10m Prize for Renewable Energy Projects

By
Posted on Thu, 30 August 2012 14:45 | 0

Four Scottish renewable energy companies are competing for a £10m Saltire Prize for the development of wave and tidal energy devices in Scottish waters.

ScottishPower Renewables, Aquamarine Power, Pelamis Wave Power and MeyGen will compete to see which company can manage to produce the most electricity over two-years, using only the power of the sea, the BBC reported. The contest closes at the end of 2016.

In recent months, Scotland has taken the world by storm with its ocean-energy ambitions and seeks to become a leader in technology that harnesses the energy of the deep seas.

The four projects include MeyGen’s six tidal turbines in the Pentland Firth, Pelamis’ wave power device at Farr Point, Aquamarine’s “Oyster” wave energy converter off the Isle of Lews, and ScottishPower Renewables’ tidal energy project off the coast of Caithness.

The BBC quoted MeyGen's chief executive, Dan Pearson, as saying that “the bar set by the Scottish government for this prestigious award is a high one. The challenge requires highly efficient devices, and a high level of resource and robust technical capability that is comparable to conventional renewable energy power stations."

Likewise, Aquamarine Power chief executive, Martin McAdam, said the prize would act as a "global catalyst... bringing together the best brains and financial muscle to crack one of the great challenges of our age".

By. Charles Kennedy of Oilprice.com


Join the discussion

Special Reports

8 Mega Trends

8 Mega Trends

By Oil & Energy Insider Analysts

8 OIL & GAS INDUSTRY MEGA-TRENDS AND HOW TO PROFIT FROM THEM
Here's what our 400 global energy assets are telling us to be prepared for right now...

LNG Technology

LNG Technology

By Oil & Energy Insider Analysts

THE "FLOATING REFINERY" STOCK THAT COULD FUND YOUR RETIREMENT
This company's incredible tanker technology could eliminate many of the world's offshore pipelines...

Subsea Production

Subsea Production

By Oil & Energy Insider Analysts

THE END OF OFFSHORE DRILLING?
This disruptive market will grow 84% to 270% over the next five years: Discover the 6 equipment suppliers set to profit.

Be the first to comment on this article.