The Biden-Harris Administration has announced a new initiative, offering up to $112.5 million in funding to boost marine energy technologies. The five-year program, run by the US Department of Energy (DOE), is the largest investment in wave energy to date. The funding aims to accelerate the development of converters (WECs), which harness power from ocean waves to provide clean, local energy for US electric grids, coastal and island communities, and offshore industries.

“Marine energy has great potential in the United States – the total available wave energy resource in the US is equivalent to approximately 34 percent of all domestic power generation,” said US Energy Secretary Jennifer M. Granholm. She added that the DOE’s investment will provide “consistent, long-term funding” to help developers advance wave energy technologies to deliver clean, reliable energy to millions of Americans.

Wave energy is seen as complementary to other renewable sources like wind and solar. It could significantly contribute to US energy needs, especially for rural and remote areas that currently rely on costly fossil fuel shipments. The funding will be administered by the DOE’s Water Power Technologies Office (WPTO), supporting WEC development for a variety of applications including:

  • At-sea applications, such as ocean observation, aquaculture, and marine carbon dioxide removal.
  • Coastal community needs, such as power and clean drinking water production.
  • Utility electricity needs.

Some WECs may be tested at PacWave South, the first US grid-connected test facility for wave energy, which is expected to become operational next year. This investment will help identify and mature high-potential WEC technologies, reduce financial risks for developers and incentivize investors, progress technologies at smaller scales while developing toward utility scale, and increase learning for installation, operations, and maintenance.

WPTO will host a webinar on October 9, 2024, to provide more details about the funding opportunity, with concept papers due by October 25, 2024.