SALTIRE PRIZE FOR WAVE AND TIDAL ENERGY
| Project | Details |
|---|---|
| Project Country: | Scotland |
| Project Type: | Incentive Competition |
| Project Lead: | Terry Garcia |
| Project Duration: | Ongoing |
CONTEXT:
The government of Scotland prioritizes clean, renewable energy as the next major innovation milestone. Capitalizing on abundant natural resources, tidal and wave energy is viewed as the vehicle to both spur advancement for the people of Scotland and to position the country as the leader in renewable energy.
CHALLENGE:
Accelerate the commercial development of wave and tidal energy technology.
CLIENT:
Government of Scotland
SOLUTION:
The Saltire Prize Challenge is created as a way to inspire scientists from around the world to accelerate marine energy development, spark global interest in marine energy technology and make Scotland the leader in marine energy expertise. The Saltire Prize offers a £10m award for the individual, group, or organization that creates the technology to make marine energy both cost-effective and commercially viable.
WINNER(S):
At the end of the challenge, the nascent industry was not able to meet the prize’s power generation requirements though the prize was successful in accelerating the pace of wave and tidal energy tech development. The prize was relaunched and redesigned in 2019 as the Saltire Energy Challenge Fund with the objective of driving innovation and incentivising investment in the Scottish tidal energy sector, supporting a pathway to cost reduction and commercialisation.
SECONDARY BENEFITS:
12 years after the start of the competition, The Saltire Tidal Energy Challenge Fund continues to help drive the technology around marine energy making the challenge live on as new technologies emerge.