Australia's Carnegie Wave Energy has received a funding of £9.6m ($11.9m) from the European Regional Development Fund (ERDF) to finance its commercial wave energy project in the UK.
The company will use the funding to support the first phase of its planned 15MW commercial wave energy project at Wave Hub, Cornwall in the UK.
The project will focus on the implementation of the 1MW stage 1 of a planned phased scheme, for which stage 2 (planned for 2020/21) will deliver a subsequent 15MW commercial array at the site.
The commissioning of the project is set for 2018, followed by 12 months of operations.
The stage 1 of the £14.7m project includes design, construct, install and operate a single 1MW grid-connected CETO 6 wave energy converter device.
The grant from the ERDF is expected to cover 65% of the cost of stage 1.
Carnegie’s managing director and chief executive officer Michael Ottaviano said: “Being able to deploy our commercial generation CETO units at the purpose built, grid connected Wave Hub test site, that also offers project expansion capability, significantly derisks and accelerates our path to commercialisation.”
CWE’s UK subsidiary, CWE UK, based at Hayle Marine Renewable Business Park, will deliver the project, with commercial and technical support from its Australian parent company.
The company said that the project will be able to leverage the existing design work already completed for the CETO 6 technology.
CWE UK CEO Tim Sawyer said: “Over the last 10 years, Carnegie has made tremendous strides in the development of its CETO wave energy technology.
“Securing ERDF funding, and bringing in additional private investment, means we can now deliver stage 1 of our planned 15MW commercial wave energy project at Wave Hub, leveraging the UK's world class marine science, engineering research and operational expertise."
In April, Carnegie commenced wave tank testing of the CETO 6 technology design at the University of Plymouth’s Coastal, Ocean and Sediment (COAST) facility in the UK.