The US Department of Energy’s Water Power Technologies Office issued a notice of intent to provide up to $112.5 million in funding to advance wave energy technologies. This funding aims to support commercial readiness through open water testing and system validation. The funding opportunity is expected to open around September 2024.

Wave energy converters (WECs) harness power from ocean waves, offering a significant and untapped renewable energy source. The total wave energy potential in the US is equivalent to about 34% of the country’s power generation. If even a portion of this potential is captured, wave energy could significantly contribute to US energy needs, especially for coastal and remote island communities that rely on costly fossil fuel shipments.

The notice of intent outlines that the funding will aim to reduce risks for deployments and increase the potential for commercial adoption through demonstrations lasting nearly two years. This includes maturing high-potential WEC technologies, reducing financial risks for developers, incentivizing investors, and increasing knowledge on installation, operations, and maintenance.

Interested applicants should register in the EERE Program Information Center (EPIC) to receive official notifications and information about this funding opportunity. Registration instructions are available in the Quick Guides for Industry, Academia, Non-Profit, and Government and Individual applicants, as well as in an instructional video.