The Saltire Prize has been set up in Scotland to attract marine renewable energy projects that could bring better access to cheap energy. Dozens of companies will compete for the prize reports the Herald.

The competition draws inspiration from great innovation prizes of the 20th century and challenges participants to create novel devices to generate cheap energy from the sea, with the winner receiving a £10 million grant from the Scottish government to develop the idea. The government hopes that the project will help Scotland to continue leading the UK in terms of renewable energy and to reach its target of satisfying 50 per cent of it national energy demand through renewable means within eleven years.

Alex Salmond, the Scottish first minister, told the Herald: “Since we unveiled the details of the Saltire Prize Challenge at the beginning of December, 33 declarations of interest have been registered from some of the great companies and best minds in the world.”

Entrants to the Saltire Prize must put forward a device that will produce at least 100GWh over the course of two years.

Scotland currently leads the UK in terms of green energy production, with renewable generation satisfying 20 per cent of the country’s demand in 2007. Plans are already underway to develop the Pentland Firth, between Orkney and mainland Scotland, which alone could generate up to 10 GW.