£10m marine energy prize unveiled

A £10m prize for innovation in renewable marine energy is to be announced by the first minister during his trip to the US.

Alex Salmond will give more details of the Saltire prize in a Scotland Week event at National Geographic’s world headquarters in Washington.

He believes the economy could reap huge rewards by sponsoring research in wave and tidal technology.

Mr Salmond will also urge US firms to choose Scotland as a European base.

It is thought the seas around Scotland could generate a quarter of Europe’s tidal power and 10% of the continent’s wave energy.

The government hopes its offer of £10m will inspire scientists from across the world to work out new ways of cashing in on marine renewables.

"It will be the world’s biggest prize in marine renewables and it will be treated extraordinarily seriously", Alex Salmond, First Minister.

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It has been billed as the world’s largest single prize for marine power technology.

To be eligible for the prize, innovations must be commercially viable and be demonstrated in Scotland.

Mr Salmond told BBC Scotland that he was confident the linkup with National Geographic would ensure entries were attracted from across the world.

He added: "This is going to have a huge impact. It will be the world’s biggest prize in marine renewables and it will be treated extraordinarily seriously.

"The history of such innovation prizes shows that they repay their investment many, many times over.

"I think it is exciting news and an exciting day for Scottish renewables, and for marine renewables in particular."