Marine Energy Fund Opens

Applications are now open for the third round of the Marine Energy Deployment Fund, which aims to get wave and tidal stream energy devices operating in New Zealand waters.

Energy and Resources Minister Gerry Brownlee says the purpose of the fund is to bring forward the development of marine energy in New Zealand by facilitating early deployment and adaptation of the technology.

“New Zealand is an attractive proposition for marine energy. We have a long coastline and significant wave energy potential – estimated to be around 8GW, with a further 1GW of tidal energy,” said Mr Brownlee.

“We already generate an impressive 65% of our electricity from renewable sources such as hydro, geothermal and wind, and there’s potential for more.”

“It makes sense to explore emerging generation technologies, like marine, to ensure New Zealand has a diverse and secure electricity system into the future,” he said.

The upcoming round of the Marine Energy Deployment Fund offers $2 million for pre-commercial wave and tidal stream energy devices deployed in New Zealand waters.

“Ideally the project will help to inform the government and the wider marine energy industry of the key technical challenges and the economic, environmental and social benefits and costs associated with deploying wave and tidal stream technologies in New Zealand.”

Applications for round three of this fund open on Friday 31 July 2009 and will close on Monday 23 November 2009. For more information, see www.eeca.govt.nz/marine-energy-fund.

Background:

The $8million Marine Energy Deployment Fund is a four year fund. Two rounds have been allocated, as follows:

Round one: $1.85 million to Crest Energy.

Round two: $760,000 to Wave Energy Technology New Zealand (WET-NZ).