DECC funding seeks to spur offshore wind innovation The Department for Energy and Climate Change is seeking innovative ideas to reduce the costs of offshore wind energy and has invited applicants to put their ideas into reality through the launch of two competitions.Up to £7 million will be available under the third instalment of the component technologies development and demonstration scheme by the DECC and the Technology Strategy Board. The fund will assist between 5 and 10 projects depending on the quality of applications received.There will also be a further fund of £3 million to be applied for the development of technical feasibility studies in offshore wind. Applications are particularly encouraged from across the sectors but more so for aerospace, oil and gas.The application processes for both funds close on 16 January 2013.Greg Barker, Energy and Climate Change Minister said:“This cash will help innovators across the UK develop a range of new ideas to cut costs and make offshore wind turbines more efficient to run. This new investment follows two successful rounds of our offshore wind innovation scheme and I would encourage companies who haven’t yet taken advantage of this funding to get on board.” Iain Gray, Chief Executive of the Technology Strategy Board continued:“Through this funding we want to encourage the development of technologies that will reduce the cost of energy from offshore wind farms, while ensuring that companies in the UK supply chain increase their share of the market. We would particularly welcome ideas from companies in parallel sectors – such as oil and gas, aerospace and manufacturing – who may wish to expand into the offshore wind sector."