Keywords: renewable energy, marine energy, innovation, social capital, financial capital, venture capital, intellectual property, UK energy, United Kingdom, interactive learning, collaborative learning, wave power, tidal power, wave energy
Marine energy innovation in the UK energy system: financial capital, social capital and interactive learning
Innovation activity in marine energy (wave and tidal stream) has been catalysed by a series of recent UK policy initiatives. However, the wider UK energy system remains substantially oriented to market competition and efficiency. As a result, tensions have emerged between recent R&D activity (especially interactive and collaborative learning) and its economic and institutional context. Drawing on interviews with marine energy device developers, these tensions are interpreted here as a conflict between social capital and financial capital. At the same time, the case also reveals complementary aspects of the relationship between social and financial capital.