The US Department of Energy’s Water Power Technologies Office (WPTO) has launched a $5 million fund to support the commercialization and adoption of water power systems and solutions. Highlighting the importance of water power technologies such as hydropower and marine energy in achieving a clean electricity sector by 2035, the WPTO aims to leverage the predictability of water flows to balance electricity grids with renewable energy sources like wind and solar.
With a focus on enabling research into emerging marine energy and hydropower systems, the WPTO plans to provide funds to promote entrepreneurship and support business creation. By fostering competition through financial support, the office aims to drive economic innovation. The fund will be awarded in two phases, with the first phase allocating up to $100,000 for eight projects lasting six to nine months, and the second phase selecting up to four projects to receive up to $1 million each over two to three years. Applicants are required to submit a concept paper by August 7, 2024.
In recent years, hydropower accounted for 8% of total power generation in the US, with large hydropower capacity witnessing a modest growth rate. The DOE’s previous investment of $6 million in two marine energy projects exemplifies the commitment towards the development of sustainable energy solutions. Additionally, a $14.5 million funding opportunity launched by the DOE reflects ongoing efforts to address challenges in marine and ocean renewable energy industries, underscoring the importance of innovation in the renewable energy sector.
