Strategic Energy Technologies Information System
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Irish company OpenHydro is a technology business that designs and manufactures marine turbines that generate renewable energy from tidal streams. The company has achieved a number of industry firsts including being the first to deploy a tidal turbine at the European Marine Energy Centre (EMEC), the first to connect to and generate electricity from tidal streams onto the UK National Grid and the first to successfully demonstrate a method of safely and economically deploying and recovering turbines directly on the seabed.

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The potential resources of marine energy are so vast that, according to one estimate, just 0.1% of the energy in ocean waves could supply the entire world's energy requirements five times over. If developed properly, the International Energy Agency Ocean Energy Systems (OES-IA) has estimated a global wave and tidal deployment potential of 337GW by 2050. But although the basic technology to do this has been around for several decades, a vicious cycle of high costs...

Three ocean energy companies were among the 23 renewable energy demonstration projects awarded a total of over €1.2 billion by the European Commission in December, 2012, under the first call for proposals for the NER300 funding programme. The projects, which received almost €59 million between them, will be co-financed with revenues obtained from the sale of emission allowances from the new entrants' reserve (NER) of the EU Emissions Trading System.