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Funding context

Technology development stages Typical project budgets
Stage 1: Proof of concept and pre-prototype scale testing at sea £500K to £5M (US$824K-8M)
Stage 2: Full scale prototype £10M (US$16M)
Stage 3: Demonstration project/array £10-50M (US$16-82M)
Stage 4: Commercial project £20M+ (US$33M)