Up to $112.5 Million for U.S. Wave Energy Innovation!
On July 31, 2024, the U.S. Department of Energy’s Water Power Technologies Office issued a major funding alert: up to $112.5 million will be provided to advance wave energy technologies. This initiative aims to enhance the commercial readiness of these technologies through open water testing and system validation. The funding opportunity is anticipated to be open around September 2024.
Wave energy converters (WECs) are designed to capture power from ocean waves. Wave energy is considered abundant and works well with other renewable sources like wind and solar power. Although the technology is not yet widely deployed, the total wave energy resource in the U.S. is estimated to be equivalent to about 34% of the nation’s power generation. If a portion of this potential is utilized, wave energy technologies could make a significant impact on U.S. energy needs. Marine energy, which includes wave energy, has the potential to power the U.S. electric grid, coastal communities, and remote islands that depend on costly fossil fuel shipments. Additionally, these technologies could support offshore work and contribute to the blue economy.
The major funding alert is intended to mitigate deployment risks and boost the commercial adoption of WECs through extended demonstration periods expected to last nearly two years. This funding will help to identify and mature high-potential WEC technologies, reduce financial risks for developers, attract investors, and facilitate technology progress from smaller scales to utility-scale systems. It also aims to enhance knowledge in installation, operations, and maintenance, ultimately accelerating the advancement of wave energy technologies.
This opportunity marks a significant step toward advancing U.S. wave energy innovation and supporting a sustainable energy future.