Verdant Power, a leader in the global marine renewable energy industry, applauds the UK government for its investment of £20 million per year to be ringfenced for tidal stream projects, kickstarting a brand-new chapter for the marine energy industry.

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Sue Barr, Verdant Power Director and Chair of the UK Marine Energy Council, said:

"The impact of this support cannot be overstated. Here in the U.K., we have the knowledge, skills, people, and projects to lead the world in marine energy, but we have been missing a vital piece of the puzzle to unlock investment and allow the sector to scale up and deliver. The marine energy sector stretches the length and breadth of the U.K. - from the Isle of Wight to Orkney and Shetland.

"This dedicated ringfence will secure our domestic market, support decarbonization and will enable tidal stream energy to develop; delivering export opportunities, green jobs, and economic growth in the process. We are grateful to ministers and the broader U.K. government for having listened, understood, and acted. This new support for tidal stream brings us one step closer to delivering a Great British success story that will provide both environmental benefits through the generation of renewable energy alongside UK-wide supply chain benefits."

John T. Banigan, Verdant Power Chairman and CEO, said:

"Having the first U.S. commercially licensed tidal stream demonstration project, which holds the record for the most marine energy production in the country, the Company recognizes the opportunity for further development in the U.K. market, advancing its system there and globally, while expanding its supply chain.

"Verdant Power's U.S. tidal stream system has been highly reliable and predictable and has achieved operating cost targets. Its performance was independently confirmed by Scotland's European Marine Energy Centre (EMEC) under the new International Electrotechnical Commission (IEC) international standards. This validated power performance will serve to underscore buyer, financial, and insurance confidence in Verdant Power's tidal energy system - the next step to profitable commercial operations around the world, beginning in the U.K."

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