U.S Energy Department Announces $112.5 Million to Commercialize Wave Energy Technologies

The U.S. Energy Department on Sep. 23 announced a $112.5 million funding opportunity to advance the commercial viability of wave energy technologies. This marks the department’s largest investment in marine energy. The five-year funding program will cover research and development activities, such as design, manufacture, and testing of wave energy converters.

The total tidal energy capacity in the U.S. could account for 34 percent of the country’s power generation, according to the department. The Energy Information Administration estimated the total theoretical wave energy capacity in 2023 to be up to 2.64 trillion kilowatt hours or 63 percent of domestic power generation. Even if this full capacity is not realized, wave energy is expected to supplement other renewable sources such as wind and solar.

The Water Power Technologies Office, which will oversee the program, expects to award 17 projects, with each award valued between $2.4 million and $25.3 million. The $112.5 million funding is split into three categories providing up to:

• $16.9 million for developing wave energy devices as well as open-water testing for dispersed use cases and power-at-sea applications;
• $45 million for developing wave energy devices for coastal community applications, such as power generation and desalination; and
• $50.6 million for developing wave energy devices for utility power generation, using offshore grid-connected testing facilities.

Following the announcement, the next step is for applicants to submit concept papers by Oct. 25, with full applications due by Jan. 30, 2025. The department intends to announce selected projects in June 2025.

With a high potential for power generation, there has been a commercial and legislative push to advance tidal energy in the U.S. The “Marine Energy Technologies Acceleration Act,” introduced in the U.S. House last month, would allocate $1 billion toward the development and commercialization of wave energy technology.