To be considered for the £10 million award teams must demonstrate, in Scottish waters, a commercially viable wave or tidal stream energy technology "that achieves the greatest volume of electrical output over the set minimum hurdle of 100GWh over a continuous 2 year period using only the power of the sea."
The Saltire Prize is open to any individual, team or organisation from across the world who believes they have wave or tidal energy technology capable of fulfilling the challenge. Applications can be submitted between March 2010 and January 2015. Already there are five competitors registered.
• The Saltire Prize Lecture - delivered at the Scottish Renewables Marine Conference every September, it focuses on the challenges in converting our world lead in wave and tidal energy to an industry of commercial scale, and in securing the economic, environmental and social benefits that this industry can bring. The lecture is designed to promote knowledge exchange between academics, industry, financiers and government.
• The Saltire Prize Medal - created to recognise outstanding contributions to the development of marine renewable energy. The Medal is awarded every March at the Scottish Renewables Annual Conference, Exhibition and Dinner.
• The Junior Saltire Prize - launched in 2011, this is aimed at primary and secondary school pupils and was designed to help raise awareness of the opportunities that Scotland has to exploit its marine renewables potential. It is sponsored by Skills Development Scotland and awards are presented to teams in three age groups: p5-7, s1-3 and s4-6.
• A Saltire Prize-sponsored doctorate in collaboration with the Energy Technology Partnership (ETP) - This was announced in August 2012. The research will consider how marine energy projects can be designed to maximise economic energy production while protecting the environment.
• Power of the Sea - a one off junior photography competition sponsored by the Saltire Prize, aimed at raising awareness of the natural environment and its potential for marine energy. In December 2012, four young photographers from Scottish primary schools were selected by renowned Scottish photographer, David Eustace, as the national winners.
When it was first announced in 2008 it was the world's largest ever single prize for innovation in marine renewable energy.
The prize is overseen by the Challenge Committee. Saltire Prize policy is the responsibility of the Offshore Renewables Policy Team in the Scottish Government's Energy and Climate Change Directorate.
Pelamis Wave Power, ScottishPower Renewables, Aquamarine Power and MeyGen are all companies that have all entered the race for the Saltire Prize, in a phase of the contest that will run until 2017.
Saltire Prize Medal
In 2011 the inaugural Saltire Prize Medal was awarded to Professor Stephen Salter, who led the team which designed the Salter's Duck device in the 1970s. Dr Richard Yemm was awarded the medal in 2012. Professor Peter Fraenkel, MBE, a pioneer for the development of marine turbines, won the 2013 medal. and the 2014 medal went to Allan Thomson of Aquamarine Power.
- Crown Estate
- Marine Scotland
- National Renewable Infrastructure Fund
- Renewables Obligation
- Scottish Adjacent Waters Boundaries Order 1999
- Tidal stream generator
- Wave and Tidal Energy: Research, Development and Demonstration Support
- Wave farm
- "The Challenge". saltireprize.com. Retrieved 22 September 2014.
- "World to compete for Saltire Prize". Scottish Government. 4 April 2008. Retrieved 22 September 2014.
- "About us". saltireprize.com. Retrieved 22 September 2014.
- "Renewables firms to compete for £10m Saltire Prize". BBC News. 28 August 2012. Retrieved 22 September 2014.
- "Inventor of 'Duck' technology wins Saltire Prize medal". BBC News. 23 March 2011. Retrieved 22 September 2014.
- "Saltire Prize medal for inventor of Pelamis wave 'sea snake'". BBC News. 28 March 2012. Retrieved 22 September 2014.
- "Saltire Prize Medal 2013". 18 March 2013. Retrieved 23 December 2014.
- "Saltire Prize Medal 2014 Winner!". 19 March 2014. Retrieved 23 December 2014.