MOR Energy and Magallanes Renovables applaud UK’s tidal energy boost

“It’s official, the tidal stream energy market has taken off with 11 companies awarded the contracts for difference,” said MOR Energy, a QED Naval subsidiary company, which has been supported in the latest UK renewables auction round along with Spanish-based Magallanes Renovables which also welcomed this significant milestone for the entire tidal energy sector.

The Edinburgh-based renewable energy company, QED Naval, through its Welsh subsidiary MOR Energy, has along 10 other projects been approved for 4.5MW, enough to power over 2,500 homes, at its Morlais site in North Wales, at a strike price of £198/MWh.

The agreement represents 100% of the funding applied for under the contracts for difference (CfD) scheme.

Jeremy Smith, CEO of QED Naval, said: “We are delighted with this news and I would like to thank all our shareholders who have backed our ambitious vision and disruptive tidal technology. This is a huge vote of confidence in the tidal stream energy sector and will allow us to move forward with our plans to develop the infrastructure and create skilled jobs in the supply chain.

“With a global tidal energy market of £76 billion, and a predicted GVA of £1.4bn by 2030, supporting some 4,000 jobs, the UK has the chance to truly become the frontrunner of the ocean energy market globally.”

QED Naval developed its Subhub tidal platform to make it quicker and easier to install tidal energy systems. According to the company, Subhub has been shown to cut the costs of deploying and maintaining tidal stream turbines by up to 60% and improve yields by up to 48%.

“In the UK alone we have 50% of the EU’s tidal stream energy potential and enough energy to supply at least 11% of the UK’s current demand.

“The revenue support announced today by the UK government means that tidal energy can take its rightful place in the UK’s mainstream electricity supply – but for progress to be sustained it requires a clear policy framework, with continued ringfenced allowances,” Smith added.

QED Naval’s Morlais development, supported by the CfD, is situated off the northwest coast of Holy Island in Wales and will have the capacity to power over 180,000 homes once fully operational.

A Spanish-based company, Magallanes Renovables, welcomed the results, which awarded it with revenue support for projects both in Scotland and Wales.

“We are thrilled to reveal that we have been awarded contracts for not one, but twotidal energy arrays, one situated off the pristine shores of Scotland and the other gracing the picturesque coast of North Wales. Together, these projects will generate a total of 4.5MW of clean and predictable tidal energy.

“This achievement is a testament to the dedication, innovation, and unwavering commitment of our entire team. It reinforces our vision of providing sustainable, environmentally-friendly solutions that power our world

“We extend our heartfelt gratitude to our incredible team, whose hard work and expertise have made this accomplishment possible. We also thank our partners, stakeholders, and supporters who have played a pivotal role in this journey, especially Menter Môn, Morlais, and the European Marine Energy Centre (EMEC). Together, we’re driving positive change for the environment and our communities,” the company said in a statement.

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