Freelancers and limited company contractors based in Scotland could find themselves with more work, after it was announced that a £7.9 million worth of funding has been put into a new wave of marine investment.
A total of five marine energy developers will benefit from the government funding, and will be put toward further develop testing of new wave and tidal prototypes in the seas around Scotland.
The WATERS (Wave & Tidal Energy: Research, Development & Demonstration Support) funding is to allow Scottish developers and supply chain firms to have an increased share of the growing international marine energy market, which could be worth up to £4 billion to Scotland’s economy by 2020.
Among the companies to benefit is Scotrenewables Tidal Power Ltd, which put the money toward a project to design, construct and install a two-megawatt SR 2000 commercial-scale floating tidal turbine.
Deputy first minister Nicola Sturgeon said, “The WATERS 2 funding sends a further clear signal that Scotland – already blessed with some of the world’s greatest concentrations of marine energy resource and with unrivalled offshore energy engineering expertise – will continue to provide the optimum research and investment environment for developers and commercial partners,” she added.
“By supporting a range of wave and tidal technologies at various stages of development towards commercialisation and the goal of large-scale sea-powered electricity generation, we can stimulate innovation, investment, job creation and help protect the planet for future generations.”