A consortium of six companies has launched a project aimed at addressing the competitiveness and bankability of wave energy farms by validating the technology in conditions required for large-scale deployment in UK waters.
The consortium includes European Marine Energy Centre (EMEC), The University of Edinburgh, Ocean Energy Europe, Renewable Risk Advisers and Kristinehamn Teknik & Service, with CorPower Ocean leading the €30 million POWER-Farm EU Project.
The initiative, partly funded by a €19 million grant from Horizon Europe, aims to underscore wave energy’s role as a mainstream renewable energy sector. With potential to supply up to 17% of electricity in key EU countries by 2050, the project also targets volume manufacturing across the EU.
The partners plan to demonstrate the survivability, reliability and performance of wave energy systems at EMEC’s test site in Scotland.
“The POWER-Farm EU initiative arrives at a pivotal moment for the wave-energy sector, as the industry shifts from research and development to commercial deployments. With Europe investing to bring wave energy to farm-scale readiness, we urge the UK to match this ambition and unlock its vast wave-energy potential,” said Anders Jansson , Head of Business Development at CorPower Ocean.
“The UK is uniquely positioned to become a global leader in this emerging frontier, establishing a major new sector driving economic growth and job creation. With the right support and a clear route to market, developers and investors will have the certainty they need to deliver the nation’s first commercial wave-energy arrays, while ensuring the UK can capitalize on this golden opportunity.”
According to research from Supergen ORE Hub and the Policy and Innovation Group at the University of Edinburgh, wave energy could deliver over £30 billion in gross value added (GVA) to the UK economy. Taken with tidal stream, which could contribute more than £20 billion, it could support over 80,000 jobs.
The UK recently launched a Marine Energy Taskforce which aims to unlock the UK’s wave and tidal potential through a strategic roadmap covering site development, financing, innovation and supply chain growth.