Commissioner Vella kicks off market study on ocean energy Investment Platform

OEE08_111623Commissioner Karmenu Vella received the Ocean Energy Roadmap at OEE2016, marking its official handover to the European Commission. In his speech Vella announced the launch of a market study for an investment platform for ocean energy. 

“The roadmap makes very clear that financial engineering is central to ocean energy's success. We are seeking new, flexible ways to free up financial resources and leverage private capital. This includes investment instruments such as loans and guarantees”, the Commissioner stated.

Ocean Energy Europe CEO, Rémi Gruet, said the industry needs innovative financing solutions. “Bridging the gap between risk-averse commercial lenders and public authorities with limited budgets requires re-thinking project finance”, he said.

“The Roadmap proposes just that, solutions fit for the purpose of reducing risk and unlocking capital: milestone-bound grant awards, guarantees and insurance. These, will allow projects to hit the water, speed up learnings and get the ocean energy sector to commercial readiness”, Gruet added.

FORESEA programme announces 10 awards, and opens second call

The FORSEA Programme announced that 10 technology developers have been awarded a "Recommendation for Support" at OEE2016. These are Aquantis, Corpower Ocean, GEPS Techno, Laminaria, Mako Turbines, Nautricity, Pytheas Technology, QED Naval, Seacurrent and Zyba.

FORESEA is an €11m project which helps to bring offshore renewable energy technologies to market by providing free access to a world-leading network of test centres – EMEC (UK), SEM-REV (France), SmartBay (Ireland) and Stitchting Tidal Testing Centre (Netherlands).

The second call for applications was announced at a reception the same evening.

Welsh Gov and SEAI announce Lead Partnership with OEE

SEAI and Wales joined Ocean Energy Europe as lead partners at OEE2016. Both Ireland and Wales boast excellent ocean energy resources and world-class infrastructure able to support the growth of the industry.

Jim Gannon, CEO of SEAI, said: “SEAI is delighted to support Ocean Energy Europe following on from the successful event hosted in Ireland last year.”

Ken Skates, Welsh Government Cabinet Secretary for Economy and Infrastructure, said: “Joining OEE provides us with a great platform to support this growing sector and to promote the work underway in Wales."

415MW wave energy projects moves forward in Wave Hub, as Carnegie announce funding award

Carnegie Wave Energy received a €11.3m grant from the European Regional Development Fund for its CETO 6 project at Wave Hub, Cornwall in the United Kingdom. The wave energy developer said the award would support the first phase of its planned 15MW commercial wave energy project.

WaveBoost project wins €4m H2020 grant

Swedish wave energy developer, CorPower Ocean, has been awarded a €4m grant by the European Commission. The grant will fund CorPower’s WaveBoost project, a three-year innovation programme targeting improvements for wave energy converters by using pneumatic components in combination with advanced control technology.

 

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