The Low Carbon Innovation Coordination Group (LCICG) filed its Offshore Wind Technology Innovation Needs Assessment (TINA) report stating that offshore wind holds significant potential to cut fossil fuel dependence, reduce carbon and meet the UK’s renewables targets.

Commenting on the initiative DECC Minister Greg Barker remarked, "This new investment follows two successful rounds of our offshore wind innovation scheme and I would encourage companies who haven’t yet taken advantage of this funding to get on board."

Technology Strategy Board chief executive Iain Gray added that the funding intends to promote the development of technologies that will reduce offshore wind generated energy costs and ensures an enhanced market share for firms in the UK supply chain.

"We’d particularly welcome ideas from companies in parallel sectors – such as oil and gas, aerospace and manufacturing – who may wish to expand into the offshore wind sector," Gray said.

DECC and Technology Strategy Board will fund 5-10 projects, depending on the volume and quality of the applications received before 16 January 2013.