A British company wants to demonstrate that underwater turbines can be a viable source of hydroelectricity, by winning a share of $363 million worth of electricity generation contracts being offered up by the U.K. government. As Bloomberg reports, Atlantis Resources wants to build power turbines under the ocean in Scotland, and their success would not only mean a whole pile of cash, but also provide another option for producing clean energy. The company faces steep competition for the government funds from offshore wind power companies, but they’re hoping to convince officials that tidal power has finally come of age. If they manage to do so, tidal power could eventually provide the U.K. with one fifth of its energy needs.

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As Bloomberg notes, previous efforts at producing tidal power have been largely experimental and operated at costs around triple that of wind power. To be successful in their bid to government, Atlantis must find a way to bring the cost of energy down by 70 percent—to about $125 per megawatt hour. That’s close to the price of nuclear and offshore wind power.

If they can pull it off, Atlantis is hoping to get a $125 million investment that would let them build a manufacturing plant in Scotland, which would in turn let the company get much-sought contracts from France, South Korea and Indonesia. It’s all leading up to the final goal of helping to turn Scotland into a “Saudi Arabia of green energy.”

Related: World’s longest wind turbine blade expected to drive down offshore energy costs

With that in mind, the company is already working on its “MyGen” project, which involves the installation of up to 269 turbines under the Pentland Firth, a stretch of water that links the Atlantic ocean to the North Sea. It’s an eight-mile-wide channel of water that flows regularly at about 10 feet per second. Four turbines are already generating 6 megawatts, and two more phases should see enough turbines to generate about 86 megawatts of power by this summer.

Via Bloomberg

Images via Atlantis Resources