Equinox will use the €2.4 million to develop a pre-commercial turbine by 2025 and expand its global footprint to meet the growing demand for clean energy solutions, vowing to revolutionise the energy sector by providing a consistent and reliable power source.

Seaqurrent has been given €2.5 million to develop its kite that rotates figures eights on a cable, which is connected to a generator on the seabed. It's a multi-wing design that enables a single Tidalkite unit to capture more energy than conventional tidal technologies, making it feasible for development in various locations globally.

European companies, including Equinox and Seaqurrent, are currently responsible for 70 percent of the world's ocean energy capacity.