Notice of Intent: Up To $112.5 Million Funding Opportunity to Support U.S. Wave Energy Development

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On July 31, 2024, the U.S. Department of Energy’s Water Power Technologies Office announced an intent to provide up to $112.5 million in funding to advance the commercial readiness of wave energy technologies through open water testing and system validation. DOE anticipates opening this funding opportunity in or around September 2024.

Wave energy converters (WECs) harness power from ocean waves. Wave energy is abundant and complementary to other renewable energy sources, like wind energy and solar power. While wave energy is not yet widely deployed across the country, the total available wave energy resource in the United States is equivalent to approximately 34% of all U.S. power generation. Even if only a portion of this technical resource potential is captured, wave energy technologies would make significant contributions to U.S. energy needs. Marine energy, including wave energy, could power the U.S. electric grid and coastal communities. It could provide local, affordable, clean energy to rural and remote island communities, which often rely on expensive shipments of fossil fuels. Marine energy technologies can also power offshore work and the blue economy.

The proposed opportunity is designed to reduce risks for deployments, increase the potential for commercial adoption through longer-duration demonstrations (expected to last nearly two years), and offer additional benefits to help quickly advance WECs. This includes the ability to 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.

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

This is a notice of intent only. DOE may issue the described funding opportunity announcement (FOA), may issue a FOA that is significantly different than the described FOA, or may not issue a FOA at all, contingent on appropriations.

Learn more about this notice of intent and other funding opportunities within DOE’s Office of Energy Efficiency and Renewable Energy.