Hans van Breugel, CEO of Tocardo Tidal Power, said:
“Our work at EMEC is an important step in de-risking and improving Tocardo’s offshore tidal power technology.
“Tocardo’s benchmark is to produce energy at the cost of offshore wind in the near future. To be able to achieve this, the tidal energy sector needs to be enabled to increase the installed volume of equipment.
“In that respect it is important to see a support scheme suitable for the marine energy sector, to encourage technology companies like Tocardo to build out on an industrial scale in the UK. A revenue based support mechanism, decreasing over time, has proved to be best in creating a new industry through market incentivisation, as learned from, as an example, the industry growth of the Danish wind energy sector.
“Tocardo is ready to become one of the larger inward investment companies into the marine energy sector, with a strong operational and production base in Scotland and Wales. The UK is extremely well positioned as a maritime nation to create new jobs from the growing tidal energy industry.”