US moves to seize wave energy’s potential with $112.5 million funding call to finance up to 17 projects
20.09.2024
The US government’s Water Power Technologies Office (WPTO) announced a $112M funding call for the demonstration of wave energy technologies. The funding is to be spread-out over five years and will offer funding for projects under three topic areas:
- $16.875 million to wave device development and open water testing for dispersed use and power-at-sea applications
- $45 million for wave device development supporting coastal community needs (may include power and/or desalination)
- $50.625 million for wave device development in support of utility power, using offshore, grid connected testing facilities such as PacWave.
Up to 17 projects are set to receive funding, with awards ranging from $2.4 million and $25.3 million. To be considered for full application, first concept submissions must be made by 25 October (17:00 ET).
This substantial investment will allow the US to develop a diversified pipeline of wave energy projects, and quickly accelerate deployments in US waters.
After building PacWave, the world’s largest wave energy test centre in the Oregon, the US government is now launching the largest-ever wave energy demonstration funding call.
Rémi Gruet, Ocean Energy Europe’s CEO, said ‘This reflects the growing momentum for ocean energy in the US. The government rightly identified the huge potential of wave energy as part of its energy transition, and is offering a clear path to boost deployments within the next 5 years. This adds to recent technological and financial milestones achieved by wave developers in Europe and will contribute to further accelerating the industrialisation of the industry across the globe.
The surge of public investment in the US and China clearly shows that global competition is picking up pace in ocean energy.
The upcoming legislative term presents a unique opportunity for Europe to react and leverage 20 years of RD&I investments to preserve its longstanding leadership in ocean energy.
European Commission President Ursula von der Leyen recently vowed to place competitiveness in clean technologies and innovation at the top of its priorities for the next 5 years. Support for the ocean energy industry may prove to be an important barometer to determine the depth of this commitment.
The announced Clean Industrial deal and the Competitiveness Fund are the right opportunities for Europe to bridge the funding gap and accelerate the industrialisation of ocean energy.