TWO tidal energy firms operating in Scotland have welcomed a £300 million funding boost from the UK Government.
Edinburgh-based Nova Innovation and Atlantis Energy hailed the decision to establish a £20 million a year ringfenced budget for tidal stream technology, available for 15 years under the Contracts for Difference (CfD) scheme.
A spokesperson for Nova Innovation said: "This £300 million investment signals the UK Government's confidence in the role tidal energy can play in delivering net zero carbon targets.
"It creates a clear route to market for UK tidal energy companies like Atlantis and Nova that will create thousands of jobs across our coastal communities."
Simon Forrest, chief executive of Nova Innovation, said he was delighted that tidal stream energy has been recognised by the UK Government "as a core part of the UK's green industrial revolution".
He added: "The ringfenced investment will deliver a route to market for tidal energy companies such as Nova Innovation and Atlantis Energy - turbocharging the delivery of tidal energy across the world."
Graham Reid, chief executive of Atlantis Energy, said: "We would like to thank all who have championed our industry and believed in the global role tidal stream energy can play in the fight against climate change.
"We look forward to continuing to work in collaboration to deliver our ambition of more turbines in the water."
Nova and Atlantis teamed up earlier this year to develop the MeyGen tidal site in the north of Scotland.
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