Government secures Cornwall's Wave Hub energy project
The future of a £42m offshore marine energy project in Cornwall has been secured by the government.
The project will be taken on by the Department for Business Innovation and Skills (BIS) as part of its "transition to a green economy".
It will take over ownership from the South West Regional Development Agency (RDA).
The transfer of the offshore energy scheme will happen on 1st January 2012.
Wave Hub, off the coast of Hayle, is a grid-connected test site for wave energy technology.
To manage the day-to-day operation of the testing facility on its behalf, BIS has set up a stand-alone operating company, Wave Hub Limited, which will be based in Hayle, Cornwall.
Business minister Mark Prisk said: "The government is committed to developing clean energy sources including marine.
"Development of the Wave Hub in Cornwall will bring both environmental and economic benefits to the UK and I am pleased that we are able to take this positive step."
Wave Hub general manager, Claire Gibson said: "It secures Wave Hub's status as a publicly-owned asset, ensures it will continue to be locally run, and reinforces the pivotal role of Wave Hub and Cornwall to the development of a commercial marine energy industry in the UK."