The European Union is proposing to create a €250m investment fund to enable the emerging ocean energy industry to provide a tenth of the group’s power by 2050. But it has been criticised for being too small and not enough money was set aside in its first year – just over half of what had originally been planned. The funds are intended to operate as a buffer for companies facing the “valley of death” dividing demonstration projects and the energy sector. The money would be supplied by the EU and its member states and should work as a buffer for companies that are attempting to cross the “valley of death” between demonstration projects and the energy market. 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, providing an annual market of €53bn.
The European Union is proposing to create a €250m investment fund to enable the emerging ocean energy industry to provide a tenth of the group’s power by 2050. But it has been criticised for being too small and not enough money was set aside in its first year – just over half of what had originally been planned. The funds are intended to operate as a buffer for companies facing 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, providing an annual market of €53bn.