The European Union is proposing to create a € 250 m investment fund to enable the emerging ocean energy sector to generate a tenth of the group ’s power by 2050 . A further € 70 m will be available for insurance , grants and loans . The funds are intended to operate as a buffer for investment in the “ valley of death ” dividing demonstration projects and the energy sector . Tim Cornelius, the company’s CEO said: “Atlantis has 640MW in our Scottish portfolio alone, the realisation of which represents nothing less than the creation of a new manufacturing sector for Europe based on predictable, reliable, renewable energy.” Half of all existing wave and tidal energy companies are now based in Europe . Analysts anticipate that the sector could generate € 653bn by the middle of the century , with an annual market of € 53bn .
The European Union is proposing to create a € 250 m investment fund to enable the emerging ocean energy sector to generate a tenth of the group ’s power by 2050 . A further € 70 m will be available for insurance , grants and loans . The funds are intended to operate as a buffer for investment in the “ valley of death ” dividing demonstration projects and the energy sector . Half of all existing wave and tidal energy companies are now based in Europe . Analysts anticipate that the sector could generate € 653bn by the middle of the century , with an annual market of € 53bn .