Ocean energy as a buffer for companies attempting to cross the gap between demonstration projects and the energy market. Image source: Shutterstock (#300442343)
The European Union plans to fund 320 million Euro to the ocean energy industry to to provide a tenth of the power by 2050. 250 million Euro are investment fund and another 70 million Euro is set aside for insurance, loans and guarantees. The money is supplied by the EU and its member states. It is supposed to work as a buffer for companies that attempt to cross the gap between demonstration projects and the energy market. Half of the world’s wave and tidal energy companies are based in Europe.
The Guardian
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