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The Prize, the largest Government innovation prize in the world, will go to a commercially viable wave or tidal energy technology that generates at least 100 Gigawatts of electricity over two years using only the power of the sea - enough to power 10,000 homes.
Scottish Energy Minister Jim Mather also confirmed today that The Crown Estate, as owners of the seabed around the UK, will run a dedicated leasing round over this summer specifically aimed at Saltire Prize competitors to test their devices in Scottish waters.
As a result of feedback from potential entrants during a recent consultation on the Prize guidelines, the Saltire Prize grand challenge period will now be between 2012 and 2017 to allow sufficient time for competitors to secure leases and meet the required licensing and consenting requirements.
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Publishing the competition guidelines today at the Scottish Renewables annual conference in Glasgow, Mr Mather said: "I am delighted that the Saltire Prize, Scotland's challenge to the world to push to the boundaries of marine energy innovation, is now open for applications.
"Scotland is the place to come to harness the power of our seas and beat climate change for global benefit - and potentially collect £10 million.
"The guidelines have been finalised and are published today. We have been working with The Crown Estate and Marine Scotland to enable new opportunities for global competitors and I am pleased at the co-operation in opening a dedicated new sea-bed leasing round. This will be led by The Crown Estate and will be specifically aimed at new projects competing for the Saltire Prize.
"This is a hugely important development and we are inviting comments on proposed areas around Scotland for wave and tidal development in advance of the formal leasing process."
Mr Mather believes the Saltire Prize has already captured imaginations around the world. Together with the new £12 million WATERS fund and the world's first commercial wave and tidal leases in the Pentland Firth announced last week, Scotland is cementing its reputation as the leading location for wave and tidal energy.
Rob Hastings, Director of the marine estate at The Crown Estate said: "Following on the success of the Pentland Firth and Orkney Waters announcement, we are delighted to be working with the Scottish Government to identify further areas for wave and tidal project leases in Scottish Waters. We share the Scottish Government's drive to encourage this emerging industry to maturity and we are looking forward to announcing the start of the leasing round later this year."
Further information is available at www.saltireprize.com
(GK)
