Wave energy projects get $25 million in funding

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You know solar energy. And wind power. And hydroelectricity. Now there’s a potentially clean, reusable new energy field that, pardon the terrible pun, is making waves.

Yesterday, the Department of Energy announced that it would allocate $25 million in funding for eight wave energy research projects.

Ohm’s Man and the Sea

The money will go to PacWave South, an offshore facility currently under construction near the Oregon coast, with a focus on funding three different types of projects: testing wave energy converter technology, research and wave energy development and advance the design of wave energy converters. . Eight groups will share the funds, including $4.5 million for Portland State University, $7.5 million for CalWave Power Technologies and $4.2 million for Columbia Power Technologies.

Currently, wave energy – which captures and converts waves into carbon-free electricity – is relatively unexplored and underutilized compared to more popular forms of renewable energy. But its potential is considered immense:

  • Theoretical annual wave energy off the US coast is estimated at 2.64 trillion kilowatt hours, according to the US Energy Information Administration. For you laymen, that’s the equivalent of about 66% of the electricity generated in the United States.
  • In 2019, the global wave energy market was valued at $43.8 million. But a study by Allied Market Research predicts that figure will triple by 2027.

“Harnessing the relentless power of the ocean is a clean, innovative and sustainable way to reduce carbon pollution,” US Energy Secretary Jennifer Granholm said on Tuesday.

V-SEA financing: The harsh and corrosive conditions of the open ocean have limited the development and scale-up of wave energy technology. But there is hope that testing progress at PacWave South will attract the venture capital and angel investors needed to move the field into a new phase of commercial-scale farms. “Even someone like Bill Gates isn’t going to pay millions of dollars to do tests that they think will fail. Feasibility is pretty important,” PacWave chief scientist Burke Hales said. Wired Last year.

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