The Department for Business Innovation and Skills (BIS) will take over ownership of the £42m project from the South West Regional Development Agency (RDA) on 1 January 2012.
Day to day management of the testing facility will be run by a new stand alone operating company called Wave Hub Limited, based in Hayle, Cornwall.
Business Minister Mark Prisk said: “As part of the transition to a green economy the Government is committed to developing clean energy sources including marine. Development of the Wave Hub in Cornwall will bring both environmental and economic benefits to the UK.”
Claire Gibson, Wave Hub’s permanent general manager having acted in an interim capacity since May, welcomed the news. She said: “It secures Wave Hub’s status as a publicly-owned asset, ensures it will continue to be locally run, and reinforces the pivotal role of Wave Hub and Cornwall to the development of a commercial marine energy industry in the UK.
Wave Hub entered into operation in late 2010 amidst speculation of an uncertain future following the announcement that the RDA would be abolished in March 2012.
