The UK Department of Energy and Climate Change (DECC) will grant about £10m for 5-10 offshore wind power projects designed to reduce cost and improve efficiency.
The department is currently seeking proposals for the projects, which would be received until 16 January 2013.
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Approval of the projects would depend on the volume and quality of the applications received.
DECC Minister Greg Barker stated that this cash will help innovators across the UK develop a range of new ideas to cut costs and make offshore wind turbines more efficient to run.
"This new investment follows two successful rounds of our offshore wind innovation scheme and I would encourage companies who haven’t yet taken advantage of this funding to get on board," Barker said.
Technology Strategy Board chief executive Iain Gray added that the funding intends to promote the development of technologies that will reduce offshore wind generated energy costs and ensures an enhanced market share for firms in the UK supply chain.
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By GlobalData"We’d particularly welcome ideas from companies in parallel sectors – such as oil and gas, aerospace and manufacturing – who may wish to expand into the offshore wind sector," Gray said.
According to Offshore Wind Technology Innovation Needs Assessment (TINA) report from the Low Carbon Innovation Coordination Group (LCICG), offshore wind holds significant potential to cut fossil fuel dependence, reduce carbon and meet the UK’s renewables targets.
The DECC is conducting a briefing event for potential applicants on 13 November 2012.
