Government gives the green light for a blue energy revolution
NOVA has welcomed the UK Government decision to establish a £20 million a year ring-fenced budget for tidal stream technology, available for 15 years under the Contracts for Difference (CfD) scheme, which could be awarded as early as April 2022.
This £300 million investment signals the UK Government’s confidence in the role tidal energy can play in delivering net zero carbon targets. It creates a clear route to market for UK tidal energy companies like Atlantis and Nova that will create thousands of jobs across our coastal communities.
Tidal stream energy can deliver 100% clean, 100% predictable energy, without visual impact – complementing intermittent renewables like wind and solar power. A recent report by the Royal Society highlighted the UK is capable of delivering over 11GW of tidal stream energy by 2050, 50% greater than current UK nuclear capacity. Nova and Atlantis are driving forward to ensure the industry delivers on that target.
“We are delighted that tidal stream energy has been recognised by the UK Government as a core part of the UK’s green industrial revolution. The ring-fenced investment will deliver a route to market for tidal energy companies such as Nova Innovation and Atlantis Energy – turbocharging the delivery of tidal energy across the world.”