“New Zealand has some of the best marine energy resources in the world. This fund is a way of finding out how we can make the most of that resource,” EECA chief executive Mike Underhill said.

“In what is a rapidly growing global industry with more than 200 companies developing marine energy technology, the fund allows New Zealand to compete on the world stage, by getting marine energy devices into the water to prove their potential.”

“A prototype of the device has been tested in waters off the Canterbury coast and in Wellington harbour,” Mr Underhill said.

“It will be primarily designed and manufactured in New Zealand, and will be deployed in New Zealand waters.”

“By supporting fledgling marine energy projects like this one, we can in time further diversify our energy supply, and support our combined goals of improving security of supply and generating more electricity from renewable sources.”

“I congratulate WET-NZ for their successful application and wish them well in now going ahead and developing their proposal,” Mr Underhill concluded.

Background

The Marine Energy Deployment Fund consists of a total of $8 million and was set up by the government to help deploy devices that generate electricity from wave and tide movements. The fund is administered by EECA.

Applications for round three of this fund will open on Friday 31 July 2009 and will close on Monday 23 November 2009.

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