Wave and tidal firms urged to collaborate on £76bn sector opportunity

Wave and tidal specialists in Scotland are being urged to capitalise on an industry forecast to be worth up to £76bn by 2050.

An event in Aberdeen next week is designed to encourage collaboration amongst supply chain companies and will explore current and future technical challenges and commercial opportunities.

Scotland is playing a leading role in the commercialisation of wave and tidal stream energy, including via the European Marine Energy Centre in Orkney and the worlds first large-scale tidal stream array, MeyGen, in the Pentland Firth, which generated first power in 2016.

The 'Masterminding' workshop has been organised by The National Subsea Research Initiative (NSRI), which coordinates activities across the UK's subsea sectors and is the research arm of industry body Subsea UK.

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"There are huge opportunities for subsea supply chain companies to adapt their technologies and techniques and apply them to the wave and tidal sectors, said NSRI director of research and market acceleration, Tony Laing.

"These forms of renewable energy are much less mature and as a result, often more expensive to produce. However, with support from the subsea industry there is potential to extract sustainable energy from the ocean at a lower cost than currently attainable.

"We hope this workshop will identify key areas which impact the wave and tidal sectors and how we can improve the economics of this market.

More than £450m has been spent across the UK wave and tidal supply chain to date....

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