Wave and tidal energy are the two major forms of harnessing ocean energy. These have significantly different market dynamics.
Tocardo has signed up to demonstrate a 20 year pre-commercial tidal array at the European Marine Energy Centre (EMEC) in Orkney.
The Sustainable Energy Authority of Ireland (SEAI) has announced a total grant award of €4.3m (U.S.$4.7m)to 15 new marine energy projects underway in 2016 under its Prototype Development Fund.
Scotrenewables Tidal Power has completed the deployment of its advanced modular anchoring system at the European Marine Energy Centre, Orkney in preparation for the installation of its SR2000 2MW floating tidal turbine.
EMEC based in Orkney, Scotland, has signed a MOU with organisations based in China to support the development of a marine energy test site in the area.
Currently, Europe is the leader in the wave and tidal energy market, with South Korea soon expected to be competing against Europe.