Six marine energy developers in the U.K. have been allocated $35 million of government funding to accelerate prototype production of offshore devices used to convert waves or currents to energy by the not-for-profit company Carbon Trust. Photo: Courtesy of Aquamarine Power A quarter of the world’s wave and tidal technologies are being developed in the U.K. By reducing marine energy costs closer to wind-power levels, “thousands” of devices could be operational around the U.K. by 2020, say CT officials. “Getting the first commercial projects in the water is critical to ‘de-risk’ the technology and attract the necessary private sector investment,”
The market is generally healthy and steadily growing, and margins are up for large specialty contractors. Further, advances in design tools and owner demand for collaboration are giving subcontractors a seat at the table early on in projects.