The third round of bidding for New Zealand's NZ$8 million Marine Energy Deployment Fund, which aims to get wave and tidal stream energy devices operating in New Zealand waters, opened for applications today (31st July). The latest round of funding follows two earlier rounds where Crest Energy and Wave Energy Technology New Zealand successfuly bid for NZ$1.85 million and NZ$760,000 respectively.

Commenting on the opening of the latest round of bidding New Zealand's Energy and Resources Minister Gerry Brownlee said; "New Zealand is an attractive proposition for marine energy. We have a long coastline and significant wave energy potential – estimated to be around 8GW, with a further 1GW of tidal energy. We already generate an impressive 65% of our electricity from renewable sources such as hydro, geothermal and wind, and there's potential for more."

The upcoming round of the Marine Energy Deployment Fund offers $2 million for pre-commercial wave and tidal stream energy devices deployed in New Zealand waters.

Brownlee concluded; "Ideally the project will help to inform the government and the wider marine energy industry of the key technical challenges and the economic, environmental and social benefits and costs associated with deploying wave and tidal stream technologies in New Zealand."