Cornwall Attracts New Wave of Investment

Invest in Cornwall, which manages inward investment into the region and is part funded by ERDF and Cornwall Council, welcomes announcements concerning the region’s Wave Hub and believes they demonstrate that post-Brexit Cornwall is very much open for business now and for the next generation of business leaders.

Cornwall’s Wave Hub is the world’s largest and most technologically advanced site for the testing and development of offshore renewable energy technology. In the last 24 hours, Carnegie Wave Energy Limited has announced that £9.6m from the European Regional Development Fund, will allow it to develop the first grid connected wave energy converter device. It comes following significant investments made by Cornwall to support this innovative sector and provide world leading facilities to enable its progression.

Invest in Cornwall is part of Cornwall Council’s arm’s length economic development company, Cornwall Development Company, and is focused on encouraging inward investment into the region to deliver its economic vision and strategy.

Head of Inward Investment at Invest in Cornwall, Nicola Lloyd says:

“Today’s announcement shows that Cornwall is a place where dynamic and innovative businesses are choosing to locate and importantly – grow. The Wave Hub is a great example of the region’s unique proposition. It has unrivalled natural assets, good infrastructure and a talented and motivated workforce and supply chain. The marine renewables sector is exciting and forward-thinking and we look forward to working with new companies who wish to find opportunities here.”

Carnegie Waves Energy’s UK CEO Tim Sawyer, says:

“We secured a berth at the Wave Hub in Cornwall in 2014 and it has offered us a unique location in which to drive the business forward. We have been able to forge local relationships with its industrial and academic base and of course, as today’s announcement demonstrates, secure project funding. Being able to deploy our commercial generation CETO units at the purpose built, grid connected Wave Hub test site provides project expansion capability, significantly de-risks and accelerates our path to commercialisation.”

Cornwall Council’s Cabinet Member for economy and culture, Mr. Julian German says:

"Cornwall has made significant investments into marine renewables energy (MRE) with the goal of securing our low carbon future and to create a Cornwall and Isles of Scilly energy market. Attracting Carnegie, as a recognised world leading wave energy developer, to Cornwall reflects our long term and continued support to the sector and our world class testing facilities, wave energy resource, exceptional skills and internationally recognised offshore renewables supply chain.”

Carnegie’s project will be delivered locally by its UK subsidiary, CWE UK, based at Hayle Marine Renewable Business Park. Delivery of the project will leverage Cornwall’s and the UK’s, exceptional wave energy resource, marine energy revenue support, maritime industrial heritage, the world class Wave Hub infrastructure, and active and innovative marine engineering and research sectors.