Economy
What is the Offshore Renewable Energy Catapult?
Offshore Renewable Energy Catapult was established by, then Business Secretary, Vince Cable in 2013 by the UK Government and is one of seven such Catapults set up by Innovate UK in high growth industries. It is the UK’s flagship technology innovation and research centre for offshore wind, wave and tidal energy.
ORE Catapult delivers prioritised research underpinned by world-class test and demonstration facilities, collaborating with industry, academia and Government to reduce the cost of offshore renewable energy and create UK economic benefit.
The economic opportunity for the UK is immense, with the potential for huge employment, GVA and exports of technology, skills and services, potentially mirroring the success of the oil and gas sector over the past thirty years.
The Catapult programme represents a £1.4bn funding commitment from the public and private sector over five years. Long term, the Catapult will be funded 1:1:1 by central government, the private sector and other sources of funding such as the EU and devolved Governments.
ORE is itself a part of a larger network of world-leading Catapult centres designed to transform the UK’s capability for innovation in seven specific areas and help drive future economic growth. Earlier this week SMEs gathered in Glasgow to drive innovation across the UK as part of the cross catapult network.