Cornwall Strengthens Its Marine Renewables Offering

27th March 2017 // Press Releases

Invest In Cornwall: Marine Hub Cornwall and Marine Challenge Fund announcements demonstrate the strength of the marine tech offering for inward investors

Marine Challenge Fund: £3.19m available

Cornwall can now offer Marinetech businesses industry-leading resources following two major announcements, which position Cornwall as one of the most innovative places in this sector globally. Invest in Cornwall, which manages inward investment into the region and is part funded by ERDF and Cornwall Council, welcomes this evolution, which reinforces the region’s desire to approach marine renewable activity more cohesively and collaboratively.

The first, Marine Hub Cornwall will bring together all of Cornwall’s Marinetech expertise, helping the region to compete with other key markets globally. Marine Hub Cornwall is a world class centre for marine technology. A collection of physical sites offering the best infrastructure for Marinetech in the UK as well as a world-leading network of thought leaders and research facilities.

Cornwall is already recognised as providing Marinetech developers a unique prospect within which they can test products from prototype to fully operational systems. The calmer water of Cornwall’s south coast provides optimal conditions for early-stage trials, while the enormous power of the North Atlantic at Cornwall Council’s Wave Hub, allows for the more advanced testing at the world’s largest and most technologically advanced testing site for offshore renewable energy technology. Combined with Cornwall’s reputable supply chain, the partnership will provide developers with an all-encompassing environment for developments in the field.

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:

“Cornwall is a global player in the Marinetech sector. The region is home to ambitious and, innovative thinking, with world-class talent committed to achieving pioneering future technologies. These announcements clearly demonstrate the attraction of Cornwall to companies looking for a seamless ecosystem and we look forward to supporting the exciting development of the region’s Marinetech industry..”

This cohesive network of industry-leading resources provides access to everything a business needs in one dynamic region – from R&D, to funding, infrastructure and supply chain. Cornwall’s unrivalled offering has already attracted global recognition and in November last year, Carnegie Wave Energy Limited announced that £9.5m from the European Regional Development Fund will allow it to develop the first grid connected wave energy converter device.

This latest Marine Challenge Fund is a £3.19m European Regional Development Fund available for all companies within the Marinetech sector. It will utilise the RD&I hub’s expertise to develop the chosen companies’ product or service to help advance the marine tech sector. This fund will enable the development of the sector by providing opportunities for the most cutting edge technologies to develop towards commercial readiness. The Marine Hub Cornwall and the Marine Challenge Fund secure Cornwall’s offering within the Marinetech sector among the global elite, strengthened by a globally operating, well-developed and flexible supply chain underpinned by a diverse talent pool and world class research support from Plymouth and Exeter Universities.

Julian German, Cornwall Council’s Portfolio Holder for Economy and Culture, 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. Both the Marine Hub Cornwall and the Marine Challenge Fund reflect our long term and continued support in the sector and are fantastic news for Cornwall’s Marinetech industry and the future prosperity of the region. The Marine Hub Cornwall reinforces the collaborative approach the region is taking to marine renewables and the Marine Challenge Fund will enable innovators in the sector to take advantage of Cornwall’s fantastic natural resources, infrastructure and talent pool, boosting the £100m of funding already pumped into the local industry.”

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, and is focused on encouraging inward investment into the region to deliver its economic vision and strategy.

Invest in Cornwall 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.

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European Regional Development Fund

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