The new national centre will focus on technologies for offshore wind, wave and tidal power. It is designed to bridge the gap between university research and full commercialisation.
The Offshore Renewable Energy Catapult will be headquartered at the University of Strathclyde in Glasgow with a second base at the National Renewable Energy Centre (Narec) in the North East of England.
It will have a UK wide remit, and build strong links with centres of excellence such as Wave Hub and the marine energy park in the South West of England.
Speaking at the launch of the Catapult in Glasgow, Vince Cable said:
“Our offshore renewable sector can compete on a global scale and has huge potential for growth.
“If we can harness that we will generate billions of pounds for the economy whilst creating thousands of job opportunities at the same time. “
Today’s announcement is part of the Government’s investment in a network of Catapult centres across a number of sectors.
The £140 million High Value Manufacturing Catapult is now operating across seven locations around the UK. A £50 million Cell Therapy Catapult will be established in London and a Satellite Applications Catapult and Connected Digital Economy Catapult will be set up later this year.