Scotland comes up with £10m prize for advances in wave and tidal energy

The Scottish Government has created the opportunity to award one of the biggest international innovation prizes in history through its plans for the Saltire Prize - a £10 million challenge prize for advances in wave and tidal energy.

A sum of £10 million will be awarded to the team that can demonstrate in Scottish waters a commercially viable wave or tidal energy technology that achieves a minimum electrical output of 100GWh over a continuous two-year period using only the power of the sea and is judged to be the best overall technology after consideration of cost, environmental sustainability and safety.

Sharing the details, First Minister Alex Salmond said, "It is Scotland's energy challenge to the world, a challenge to the brightest and best minds worldwide to unleash their talents and push the frontiers of innovation in green marine energy."

The key elements of the Saltire Prize are:

·          Capturing imaginations: challenge that can inspire a revolution in green energy
·          Global challenge: high profile prize open to teams from across the world
·          Relevant to Scotland: relevant to area in which Scotland has strong natural resource and can be demonstrated in Scotland
·          Capitalises on Scotland's expertise: challenge will reflect area in which Scotland has strong technical expertise and people already working
·          Achievable in the short-medium term: challenge ideally achievable within a 2-5 year timeframe

The government stated that the Saltire Prize draws inspiration from great innovation prizes of the 20th century including aviation prizes that led to the first crossings of the English Channel and the Atlantic, and the Ansari X Prize that led to the first private spacecraft launch.