The UK Government has promised to invest £20 million a year to tidal stream electricity under the renewable energy auction scheme, the biggest investment in a generation into tidal power.
It is hoped the investment will create jobs across the UK, and allow the marine energy sector to develop its technologies and lower costs.
The allocated money is part of the fourth round of the contracts for difference scheme due to open on 13 December 2021. The total funding for this years allocation under the scheme is £285 million a year.
The Government hope that the clockwork nature of the tides could help provide a reliable source of energy generation.
Energy secretary Kwasi Kwarteng commented: "As an island nation we are perfectly placed to capitalise on clean marine energy, building on our booming offshore wind sector which is now a British industrial success story.
"We hope to see marine energy follow in the successful footprints of other renewable technologies, where we've seen costs fall dramatically in recent years, thanks to UK Government support.
"The investment provides a major push for tidal power to become a key part of the next generation of renewable electricity projects needed to strengthen energy security as we work to reduce our dependence on volatile fossil fuels."
CEO of RenewableUK, Dan McGrail praised the move, saying:
"This is a major step forward for the UK's world-leading tidal energy industry, allowing us to ramp up the roll-out of our cutting-edge marine technologies and increase the pace of innovation in the sector to become more cost competitive."
