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The world’s most powerful floating wave energy turbine has been awarded huge financial support.

Scottish engineering firm Orbital Marine Power is building what is being called the most powerful floating tidal turbine in the world. The “next generation” O2 2MW Floating Tidal Energy Turbine has been awarded £3.4 million ($4.1 million) in funding from the Scottish government’s Saltire Tidal Energy Challenge Fund.

The wave energy project is expected to be able to power 1,700 home per year.

The floating tidal turbine will be built in Dundee, Scotland by Texo Group, a critical infrastructure engineering company. Once built, the turbine will be installed at the European Marine Energy Centre in Orkney. It is expected to be able to power more than 1,700 homes, annually.

“We greatly appreciate the Scottish Government’s ongoing commitment and support for tidal stream energy; and this award will enable us to deliver a truly exciting and transformational project and continue the proud tradition of Scottish innovation and engineering,” said Andrew Scott, Orbital’s CEO, reports Government Europa.

Scott added that the O2 tidal energy project will show how this emerging industrial sector is capable of delivering new jobs and opens up diversification opportunities for the United Kingdom’s supply chain in expanding global market, while pioneering solutions for a future that is zero carbon.

The floating tidal turbine is an important part of Scotland’s efforts to grow its wave energy sector.

It is estimated that two thirds of the UK’s tidal resources and about a third of its tidal stream resources began in Scotland. To encourage the innovation and investment in clean, renewable wave energy, the £10 million ($12.2 million) Saltire Tidal Energy Challenge Fund was launched in February 2019. It will remain active until the end of the year (December 2019).

“We have established a world lead in marine renewable technologies and this project represents a significant step forward in technological development,” said Energy Minister Paul Wheelhouse.

The Energy Minister added that the government believes tidal energy technology is capable of not only playing a significant role in Scotland’s future energy system, but also has “substantial export potential.”

The belief is that beyond supporting the floating tidal turbine, the fund will help move wave power technologies closer to commercial deployment.