The Scottish Government is giving £14.3 million to support its first wave energy technology body – Wave Energy Scotland (WES)
The first payment of £1.3 million will cover the costs of establishing the new entity and acquiring assets from Pelamis Wave Power who went into administration last year.
The remainder of the money – available in the next financial year 2015/16 – will support the recruitment of staff and set aside £10.5 million of the pot to address funding calls for a range of technology systems.
Scottish MP, Fergus Ewing said: “We have adopted a completely new approach to funding the sector. It is one that will foster collaborative research and development and will encourage technology developers to work with large engineering companies, academics and each other to address shared challenges.
“Last month, Highland and Islands Enterprise, on behalf of Wave Energy Scotland, successfully acquired the intellectual property and a range of physical assets previously owned by Pelamis. And yesterday, Wave Energy Scotland agreed to work with 12 former Pelamis employees to capture the impressive learning they have acquired on their technology development journey.”