smallbusiness.co.uk: Helping your business think big

A new £500,000 fund has been launched to help entrepreneurs and small businesses benefit from the river Severn tidal power project.

Energy and climate change minister Mike O'Brien and Welsh Assembly environment minister Jane Davidson unveiled the Severn Embryonic Technologies Scheme yesterday.

The initiative aims to develop innovative projects such as tidal reefs, barrages and lagoons, which could generate up to five per cent of the UK's electricity from the domestic and sustainable source.

O'Brien explains that there have been more than 400 responses for a proposed shortlist of five schemes for the river Severn tidal power development, but adds that the fund has been launched to encourage more companies to sign up.

Furthermore, Ms Davidson comments: 'We want to encourage companies involved with marine technology to apply for access to this fund to help demonstrate the potential of innovative technologies.'

She also points out that the products which are developed under the scheme could have a global impact in reducing carbon footprints, creating green jobs and boosting energy security.

Last month, energy and climate change secretary Ed Miliband claimed that a move towards a low-carbon world is inevitable and suggested it could secure the UK's economic recovery.

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