Minister says IOM will catch up in renewable energy

The Isle of Man is late entering the renewable energy market but it can catch up with the ever advancing technology.

Government has granted a seven-year survey licence to local company Manx Tidal Energy Limited to explore prospective offshore sites.

It's to figure out whether or not it's worth investing money into electricity production.

Economic Development Minister Laurence Skelly says there are setbacks but it would help support the economy:

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