Similar to other renewable energy technologies, wave and tidal generation gained traction in the early '00s, leading to a rise in early-stage funding and startup activity, particularly around the U.K. This rise in momentum has been reinforced by the technology's potential to provide baseload power, helping compensate for the growing presence of intermittent renewables in the energy mix. However, the elevated costs of marine energy – caused by poor system reliability and the need for frequent maintenance – have caused startup activity to stagnate or cease completely (e.g., Tocardo) during the past five years. This situation is slowly changing, driven partly by land and resource limitations that push for offshore deployments. Likewise, a growing group of developers like Floating Power Plant (FPP) are exploring wave and tidal technologies as a supplement to other offshore assets rather than stand-alone energy resources.
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