The Biden-Harris Administration has announced a funding initiative of up to $112.5 million from the U.S. Department of Energy, marking its largest investment in marine energy to date. This five-year plan aims to accelerate the development and testing of wave energy converters (WECs), which generate power from ocean waves.
"Marine energy has great potential in the United States—the total available wave energy resource in the U.S. is equivalent to approximately 34 percent of all domestic power generation," said U.S. Secretary of Energy Jennifer M. Granholm. "The Department of Energy’s investment in wave energy will provide consistent, long-term funding to American developers so they can advance their technologies with the goal of providing millions of Americans with locally sourced, clean, and reliable energy."
Wave energy is seen as a complement to other renewable sources like wind and solar power. Capturing even a fraction of this resource could significantly contribute to U.S. energy needs by powering electric grids and at-sea activities, as well as supporting rural and remote communities that depend on costly fossil fuel shipments.
Administered by the Water Power Technologies Office (WPTO), this funding aims to support WEC development for various applications including:
- At-sea uses such as ocean observation, aquaculture, and marine carbon dioxide removal.
- Coastal community needs like power generation and clean drinking water production.
- Utility electricity needs with WECs potentially being tested at PacWave South, a pre-permitted grid-connected test facility for wave energy expected to be operational next year.
This investment seeks to identify promising WEC technologies, mitigate financial risks for developers, attract investors, scale technologies from smaller prototypes toward utility-scale deployment, and enhance learning related to installation and maintenance.
Details about the funding opportunity are available through the Office of Energy Efficiency and Renewable Energy Program Information Center. WPTO will host an informational webinar on October 9, 2024, at 11 a.m. ET. Concept papers must be submitted by October 25, 2024.
Funding is contingent upon congressional appropriations.
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