Ocean energy bounces back with increased investment & installations in 2021

OEE releases its Key Statistics & Trends report for 2021, showing that activity in the sector is back to pre-pandemic levels
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*Press Release* Thursday, 10 March 2022, Brussels oceanenergy.eu <oceanenergy.us16.list-manage.com/track/click?u=ff0f81336e64a190eb1dc8fa7&id=7f8fc323b7&e=250021fa32> – @OceanEnergyEU <oceanenergy.us16.list-manage.com/track/click?u=ff0f81336e64a190eb1dc8fa7&id=8895da5ab5&e=250021fa32>
<oceanenergy.us16.list-manage.com/track/click?u=ff0f81336e64a190eb1dc8fa7&id=7754bc5c93&e=250021fa32> *Ocean energy bounces back with increased investment and installations in 2021*
*Ocean energy deployments are back to pre-pandemic levels, with Europe installing over ten times as much tidal energy capacity and three times as much wave energy compared to 2020. Investment interest in the sector also rose, with a slew of announcements by large industrial players and public authorities. Statistics published today by Ocean Energy Europe <oceanenergy.us16.list-manage.com/track/click?u=ff0f81336e64a190eb1dc8fa7&id=f82e989350&e=250021fa32>** show that ocean energy is back on track, despite Covid-19 restrictions still affecting activity last year.*
Both the wave and tidal energy sectors installed significantly more capacity in 2021 than the previous year, adding 1.39 MW and 3.12 MW respectively worldwide. While Europe still dominates global tidal stream activity, more and more wave capacity is being installed outside Europe, often driven by significant government support.
An increase in private investment and the entrance of important industrial players into the sector reflect the growing appeal of ocean energy to investors, power producers and manufacturers. In 2021, the sector signed deals with GE Renewable Energy, Kawasaki Kisen Kaisha (K-Line), Chubu Electric Power, TechnipFMC and Schneider Electric. Governments in the UK, Italy, Spain and the USA also committed significant new funding to ocean energy and innovative renewables.
Machines hit the water across all European sea basins, as well as in Asia, Australasia, and North and South America, bringing global cumulative capacity additions to nearly 65 MW since 2010.
New capacity projections for Europe in 2022 remain steady, but conspicuously muted when compared to the EU’s objectives for ocean energy. Despite having set a clear target for 2025, the EU Offshore Renewable Energy Strategy is still not accelerating large-scale deployments as anticipated.
*Remi Gruet, CEO of Ocean Energy Europe, commented on the report:*
*“Developing new decarbonised, indigenous and affordable energy sources is not a luxury **– it is a necessity. The EU must kick-start its offshore renewables strategy now, and empower ocean energy to deliver energy independence and decarbonisation as part of a diverse set of renewables. The figures from 2021 reflect a strong, adaptable sector, and show that ocean energy is proving itself, both technologically and as an investment.* *”*
Download Ocean Energy: Key trends and statistics 2021 <oceanenergy.us16.list-manage.com/track/click?u=ff0f81336e64a190eb1dc8fa7&id=f71fb715ad&e=250021fa32>
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Amy Parsons, Ocean Energy Europe a.parsons@oceanenergy.eu *Notes for Editors*
*Ocean Energy Europe *is the largest network of ocean energy professionals in the world. Over 120 organisations, including Europe’s leading utilities, industrialists and research institutes, trust OEE to represent the interests of Europe’s ocean energy sector.
Ocean Energy Europe’s mission is to create a strong environment for the development of ocean energy, improve access to funding, and enhance business opportunities for its members. To achieve this, OEE engages with the European Institutions (Commission, Parliament, Council, EIB, etc), and national ministries on policy issues affecting the sector.
The results are undeniable: in the past four years, the sector’s profile has increased significantly, and the EU has emerged as a major driver of the industry.
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