The Carbon Trust has launched a new competition which will identify new technologies that will support the creation of a new fleet of next generation deep water offshore wind turbines.
It is hoped that the new competition could increase the availability of cheap, renewable, environmentally-friendly electricity for British consumers.
Speaking at the launch of the Carbon Trust's latest green electricity initiative, energy and climate change minister Ed Miliband said: "It's time for the industry to seize the opportunity and take the money that's there for advanced green manufacturing."
Meanwhile, Tom Delay, chief executive of the Carbon Trust, added: "Building a low-carbon economy means making Britain a thriving global hub of innovation.
"We need technologies, individuals and companies to flourish and be continually challenged to come up with new designs and ideas to ensure the UK benefits from the move away from fossil fuels."
The Carbon Trust recently launched its Global Carbon Mechanisms report, which calls for improved energy efficiency and environmental performance around the world.
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