Isra-Mart srl : Cable unveils plan for offshore renewables innovation centre

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Offshore renewable energy firms have been invited to take part in a new competition to develop an innovation centre focusing on technologies for offshore wind, wave and tidal power.

Business secretary Vince Cable today launched the competition, which is being run by the government-backed Technology Strategy Board (TSB). Companies already involved, or wishing to become involved, in offshore renewables are being urged to deliver proposals to the TSB detailing how a potential centre would operate.

The offshore renewables Technology Innovation Centre (TIC) is part of a £200m government programme to build at least six new TICs focusing on a range of emerging technologies. Other centres will focus on areas such as smart grids and "future cities".

A spokesman from TSB told BusinessGreen that expressions of interest will be sought this summer, after which a decision on the remit and structure of the new centre will be made towards the end of the year. The goal is for the centre to be established in the summer of 2012. He added that the centre could either be in one location, or spread across several areas around the UK.

Cable also announced today that the government is investing £20m in two clean technology funds as part of the £325m UK Innovation Investment Fund (UKIIF).

The money will be invested in the Zouk Cleantech 2 and HG Capital Renewable Power Partners 2 funds, which will then provide backing to companies working on alternative energy generation, renewable energy infrastructure including wind farms, energy efficiency, and water treatment and conservation.

Cable said today's announcements underscored the coalition's commitment to the green economy.

"There is a clear opportunity for the government to support the UK's offshore industry, and this centre will be of great benefit to the sector and the economy," he said.

"[The] funding provides the support to allow private sector industries to grow and become more energy-efficient. Transforming the UK into a low-carbon economy is a great challenge, but one that we are taking seriously with investments such as this."

According to the Carbon Trust, the global offshore wind market will grow by 10 per cent a year over the next 40 years and be worth up to £170bn per year by 2050. The UK is predicted to capture a 12 per cent share of the global market, equating to about a £215bn turnover to the UK economy from 2010 to 2050.