Cornwall Attracts New Wave Of Investment

15th February 2017 // Press Releases

Invest In Cornwall: New Wave Hub announcements demonstrate confidence in region offering unique proposition for marine renewables sector

Invest in Cornwall, which manages inward investment into the region and is part funded by ERDF and Cornwall Council, welcomes  announcements concerning the region’s Wave Hub and believes they demonstrate that post-Brexit Cornwall is very much open for business now and for the next generation of business leaders.

Cornwall’s Wave Hub is the world’s largest and most technologically advanced site for the testing and development of offshore renewable energy technology. In the last 24 hours, Carnegie Wave Energy Limited has announced that £9.6m from the European Regional Development Fund, will allow it to develop the first grid connected wave energy converter device. It comes following significant investments made by Cornwall to support this innovative sector and provide world leading facilities to enable its progression.

Invest in Cornwall is part of Cornwall Council’s arm’s length economic development company, Cornwall Development Company, and is focused on encouraging inward investment into the region to deliver its economic vision and strategy.

Head of Inward Investment at Invest in Cornwall, Nicola Lloyd says:

“This announcement shows that Cornwall is a place where dynamic and innovative businesses are choosing to locate and importantly – grow. The Wave Hub is a great example of the region’s unique proposition. It has unrivalled natural assets, good infrastructure and a talented and motivated workforce and supply chain. The marine renewables sector is exciting and forward-thinking and we look forward to working with new companies who wish to find opportunities here.”

Carnegie Waves Energy’s UK CEO Tim Sawyer, says:

“We secured a berth at the Wave Hub in Cornwall in 2014 and it has offered us a unique location in which to drive the business forward. We have been able to forge local relationships with its industrial and academic base and of course, as this announcement demonstrates, secure project funding. Being able to deploy our commercial generation CETO units at the purpose built, grid connected Wave Hub test site provides project expansion capability, significantly de-risks and accelerates our path to commercialisation.”

 Cornwall Council’s Cabinet Member for economy and culture, Mr. Julian German says:

“Cornwall has made significant investments into marine renewables energy (MRE) with the goal of securing our low carbon future and to create a Cornwall and Isles of Scilly energy market. Attracting Carnegie, as a recognised world leading wave energy developer, to Cornwall reflects our long term and continued support to the sector and our world class testing facilities, wave energy resource, exceptional skills and internationally recognised offshore renewables supply chain.”

Carnegie’s project will be delivered locally by its UK subsidiary, CWE UK, based at Hayle Marine

Renewable Business Park.  Delivery of the project will leverage Cornwall’s and the UK’s, exceptional wave energy resource, marine energy revenue support, maritime industrial heritage, the world class Wave Hub infrastructure, and active and innovative marine engineering and research sectors.

Ends

Notes to Editors

Invest in Cornwall

Invest in Cornwall is part of Cornwall Council’s arm’s length economic development company, Cornwall Development Company. It supports businesses looking to locate in the region. The team provides impartial advice, information and insight to businesses to help them to fully understand the benefits that the region has to offer.

Its dedicated team of experienced Inward Investment Consultants can guide businesses through the process of relocation with a complimentary service that is bespoke to their requirements.

Wave Hub

Wave Hub is a grid connected wave energy test site in Cornwall, UK, developed to accelerate and support pre-commercial testing of wave energy device arrays. It provides a fully grid connected and consented wave energy site, split into four berths, located approximately 10 nautical miles (16km) from Hayle on the north coast of Cornwall.

Carnegie

Carnegie Wave Energy Limited is an Australian, ASX-listed (ASX: CWE) wave energy technology developer. Carnegie is the 100% owner and developer of the CETO Wave Energy Technology intellectual property. Carnegie is focussed on commercial opportunities in key target markets including UK, Europe, Australia and remote islands. Subject to the approval of its shareholders before 19 December 2016, Carnegie will also become the 100% owner of leading Australian battery/solar microgrid Engineering Procurement and Construction (EPC) company Energy Made Clean, which specialises in the delivery of mixed renewable energy microgrid projects to islands and remote and fringe of grid communities. Through this acquisition, Carnegie will be the world’s first company to deliver a combination of wave, solar, wind, storage and desalination into microgrids.

European Regional Development Fund

The Invest in Cornwall project has received £1,698,286 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Communities and Local Government is the Managing Authority for European Regional Development Fund.  Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations. For more information visit https://www.gov.uk/european-growth-funding.

European Regional Development Fund

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Terms & Conditions

Invest in Cornwall makes every effort to ensure that information contained in these pages is accurate. However, no liability is accepted arising from reliance upon information contained in these pages or any other information accessed via this site. Invest in Cornwall is not responsible for the contents or reliability of the linked websites and does not necessarily endorse the views expressed within them. Listing shall not be taken as endorsement of any kind. We cannot guarantee that these links will work all of the time, and we have no control over the availability of linked pages.

Copyright and Trademark Information - Wherever text has been gathered and included in these pages by Invest in Cornwall, the project has no objection to the use of that text for the purposes of any personal or educational use or private research. However, any use of the text in these pages for any commercial purposes is not authorised unless a licence is first obtained from Invest in Cornwall: apply to info@investincornwall.com

Photographs - Copyright in all photographs displayed on this website is owned by Invest in Cornwall and/or the photographer and so these photos may not be used unless a licence is first obtained from Invest in Cornwall: apply to info@investincornwall.com

Icons and Artwork - All icons and artwork and other graphical images within the www.investincornwall.com, www.cornwalldevelopmentcompany.co.uk, www.visitcornwall.com, and www.joblinestaffing.co.uk are © Copyright Cornwall Development Company unless otherwise stated, under Section 17 of the Copyright, Design and Patents Act 1988.

Invest in Cornwall owns the copyright in its logotypes and all other promotional logos. Unauthorised use of these by others is prohibited. Additional information available from the United Kingdom’s Copyright Licensing Agency or International Federation of Reproductions Rights Organisations.

Privacy & Cookies

When you provide personally identifiable information to Invest in Cornwall, we may use it to provide you with ongoing information about Invest in Cornwall products and services. Invest in Cornwall will not rent, sell or lease this personally identifiable information to other companies or individuals. You have a right to access, rectify, modify and delete any data referring to you. In order to exercise this right please contact us immediately.

This website uses Google Analytics, a web analytics service provided by Google, Inc. ('Google'). Google Analytics uses “cookies”, which are text files placed on your computer, to help the website analyze how users use the site. The information generated by the cookie about your use of the website (including your IP address) will be transmitted to and stored by Google on servers in the United States . Google will use this information for the purpose of evaluating your use of the website, compiling reports on website activity for website operators and providing other services relating to website activity and internet usage. Google may also transfer this information to third parties where required to do so by law, or where such third parties process the information on Google’s behalf. Google will not associate your IP address with any other data held by Google. You may refuse the use of cookies by selecting the appropriate settings on your browser, however please note that if you do this you may not be able to use the full functionality of this website. By using this website, you consent to the processing of data about you by Google in the manner and for the purposes set out above.