Scotland Awards Funding to Boost Development of Wave Energy

(Bloomberg) — The Scottish government awarded 14.3 million
pounds ($22 million) to Wave Energy Scotland to accelerate
development of technologies that harness the power of the waves
to generate electricity.

WES will receive the money over the next 13 months as it
seeks to pool expertise from across the industry to boost the
development of wave energy, the government said in a statement
on its website. WES awarded its first contract to former
employees of Pelamis Wave Power Ltd. to harness their knowledge
after the technology developer ceased operations in November.

“We have adopted a completely new approach to funding the
sector,” Fergus Ewing, Scotland’s energy minister, said in the
statement. “It’s 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.”

To contact the reporter on this story:
Louise Downing in London at

To contact the editors responsible for this story:
Reed Landberg at
Tony Barrett, Dylan Griffiths

About BloombergNEF

BloombergNEF (BNEF) is a strategic research provider covering global commodity markets and the disruptive technologies driving the transition to a low-carbon economy. Our expert coverage assesses pathways for the power, transport, industry, buildings and agriculture sectors to adapt to the energy transition. We help commodity trading, corporate strategy, finance and policy professionals navigate change and generate opportunities.
Sign up for our free monthly newsletter →

Want to learn how we help our clients put it all together? Contact us