£10m Saltire Prize for marine energy unveiled

A £10 million prize for innovation in renewable marine energy has been announced by Alex Salmond during his trip to the US. 

The announcement was made as part of Scotland Week at the world headquarters of the National Geographic Society in Washington by the First Minister. 

Alex Salmond believes the economy could reap huge rewards by sponsoring research in wave and tidal technology.

It is thought the seas around Scotland could generate a quarter of Europe's tidal power and 10% of the continent's wave energy.

The Scottish Government hopes its offer of £10m will inspire scientists from across the world to work out new ways of cashing in on marine renewables.

It will be the world's largest single prize for marine power technology.

To be eligible for the prize, innovations must be commercially viable and be demonstrated in Scotland.

Mr Salmond said that he was confident the link-up with National Geographic would ensure entries were attracted from across the world.

He added: "This is going to have a huge impact. It will be the world's biggest prize in marine renewables and it will be treated extraordinarily seriously.

"The history of such innovation prizes shows that they repay their investment many, many times over. I think it is exciting news and an exciting day for Scottish renewables, and for marine renewables in particular.

"Scotland won the natural lottery with oil and gas in the 1970s and has won it again in its potential for planet-saving renewable energy. Our Saltire Prize is a call to action to scientists around the world to help bring the power of the seas around Scotland - and indeed the United States - on-line that much sooner.

"Scotland has long been a leader in scientific advances and is ranked second per head of population in the world behind only Switzerland and ahead of the USA in terms of impact of the research we produce.

"With the Saltire Prize, we hope to inspire scientists around the world to combat our most pressing challenge in finding a way to bring more forms of renewable energy online as quickly as possible. My Government looks forward to working with Terry Garcia of the National Geographic Society, and other members of the expert committee we are putting in place, to set a challenge that will push the frontiers of renewable energy technology in Scotland and across the world.

"With demonstration of the ideas in Scotland, the Saltire Prize will deliver clear economic benefits at home as well as pushing forward the boundaries of research with a world-wide impact and benefit.

"This global initiative is hugely exciting. It puts Scotland at the very heart of the battle against climate change and builds on our nation's substantial reputation for innovation in the areas of science that matter. It reflects the core message of my visit to America this week - that Scotland is a place to watch, a nation with ambition, a country determined to maximise our economic performance."