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Policy Department A: Economic and Scientific Policy ____________________________________________________________________________________________ Venture capital and corporate spending Marine energy is still in the pre-commercial phase and private capital available for companies active in marine energy is either coming from venture capital or from large companies investing in them. As a result, detailed information on private R&D expenditure is very limited. Some companies that are active in marine energy are owned by larger groups that give no detailed breakdown of R&D investments. Examples are Breakwave (owned by EDP), Aquabuoy (owned by Finavera Renewable), ALDA (owned by SEV) and Wave Star (owned by Danfoss). Nereida MOWC is owned by the Basque public energy group EVE. Other companies have been able to attract private capital or limited investments by larger companies. AWS Ocean Energy, which built the AWS-MKII, twice raised £2 million in 2006 and 2010 to fund development of its technology and a demonstration project. Marine Current Turbines recently raised £4.8 million for a new generation of tidal turbines, after decommissioning the Seaflow project. The investors include Siemens, EDF and Triodos Bank. Pelamis Wave Power, developer of the furthest-advanced marine energy device, has raised some £40 million from investors such as Norsk Hydro Technology Ventures, Blackrock Investment Managers, 3i, Carbon Trust and Scottish Enterprise. It is also the only company for which an R&D intensity figure is known, namely 37.8%, meaning it is a very R&D intensive company. Main R&D investment needs No precise data of R&D investment needs are available within the literature at the time of writing. The European Ocean Energy Association (EU-OEA) is currently writing the European Roadmap for the sector and should come up with more detailed figure for R&D expenditure during the next years. It is nonetheless clear that a significant increase in R&D capital grants will be needed as indicated in one of the deliverable of the EU-supported WAVEPLAM project in order for the sector to be able to overcome initial capital barrier. 2.3. Barriers Economic, regulatory and technical barriers that prevent further development and deployment are presented in the following. Even though there are technology-specific barriers, most barriers identified are rather of a cross-cutting nature and apply to one or more renewable energy technologies. The absence of renewable primary energies (like wind, sun or underground heat) is not considered a barrier as this is subject beyond human control. Recommended background readings to this chapter are [Beck 2004], [OPTRES 2006], [RETD 2006], and [UNEP 2002]. 2.3.1. Cross-cutting topics R&D financing In the current financial situation and the underlying business trends to invest in late-stage ventures with prospects of early and high returns, there is a gross lack of early-stage financing of spin-offs and SMEs. This is a barrier if not missed opportunities as these small organisations are the underlying drivers of technological innovation. Project financing Financing barriers are two-fold: IP/A/ITRE/ST/2009-11 & 12 64 PE 440.278PDF Image | Policy Department Renewable Technologies
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