Europe needs new industrial successes, and ocean energy can be one. 100GW of ocean energy deployments by 2050 can generate significant economic activity for the European supply chain.
Over the past decade, Europe’s industrial base has eroded. To reverse this trend, the EU must support manufacturing excellence in new industries with low delocalisation risk.
Ocean energy manufacturing is difficult to delocalise. Ocean energy turbines can weigh upwards of 300 tons, and transporting them long distances is not economical. Ocean energy manufacturing base will therefore remain in Europe, close to the resource.
The supply chain for pilot ocean energy farms is predominantly European. For example, the Meygen project – the world’s first tidal stream farm – uses over 95% European content. 15,000km away Australia’s first wave energy farm still includes about 30% of EU content. This is the result of Europe’s technology leadership, with world-leading expertise both in ocean energy and lateral sectors such as offshore oil & gas, maritime engineering, and renewable energy.
By 2050, the European industry plans to generate 100GW worth of manufacturing, installation, maintenance and services orders domestically.
 Atlantis Resources Plc. Meygen project developer
 Carnegie Wave Energy re: CETO5 Perth Project