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 overseen by the Challenge Committee and 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. Already there are five Saltire Prize Competitors undertaking this ambitious challenge.
• 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.