Demonstration and pre-commercial stages: Once a full-scale prototype has been tested, thedemonstration stage will validate the technology by deploying several full-scale devices over alonger period of time. Learnings will reduce technological uncertainties and help move towardsstandardised “off-the-shelf” components and devices. The pre-commercial stage usually entailsthe deployment of several units of the same device in real array conditions, serves to validate thebusiness model for the technology and facilitates cost reductions.At the demonstration and pre-commercial stages, projects are larger than in previous developmentstages, which renders public funding alone insufficient to cover the higher costs. These projectsproduce revenues by selling the electricity they generate over a period of 15-20 years. This is thefirst stage in which to attract some of the more risk-friendly investors - although only by providingthem with the potential of high financial return. The most significant barriers to attracting financeare the remaining technology uncertainties, the cost of finance and the overall investment needs atthis stage (ETIP Ocean, 2019).