Orbital Marine Power Ltd, a tidal renewable energy company focused on its floating turbine technology, announced it will qualify for multiple applications for submission into the UK government's next contracts for difference (CfD) scheme to support the use of renewable energy technologies.
Orbital said it was the first company to apply for site deployment with offshore consents, onshore consents, and grid connection agreements now completed for deployment off the Isle of Wight.
Following the consents for the project by the Isle of Wight Council Planning Committee being approved, The Perpetuus Tidal Energy Centre will become one of the company’s application sites.
The project is now primed to secure some of the funding set aside in the scheme to support the UK's leading tidal technology.
The company said it is on course to deliver multi-device projects in various UK locations by 2025 following tidal energy commercialisation this year, including deployments at the Morlais project in Anglesey where it was given consent for development by the Welsh Government on 10 December.
"With clear Government backing for tidal stream energy, we very much see this as the Government firing the starting gun on what will rapidly become a new global renewable energy industry, paving the way for Orbital to provide meaningful volumes of clean and predictable energy to help turn the tide on climate change,” said Orbital director Oliver Wragg.