Act to provide unprecedented levels of funding for Demonstration Projects, R&D, Resource Mapping, Permitting Processes and Workforce Development.
CorPower Ocean applauds US Congresswomen Nanette Barragan (California-44) and Suzanne Bonamici (Oregon-01) for the introduction of the Marine Energy Technologies Acceleration Act. This legislation could provide a pivotal force for marine energy commercialization and industrial development in the United States.
Read more here:
Patrik Möller, CEO of CorPower Ocean said: “CorPower is a strong supporter of the Marine Energy Technologies Acceleration Act, as it could jumpstart commercial wave energy deployment in the US. This level of investment is exactly what our industry needs to bring wave energy to a mainstream energy source, benefiting consumers and accelerating the transition to 24/7 clean electricity”.
The initiative could be instrumental to unlock:
24/7 clean electricity
- By adding the consistent and complimentary power profile of wave energy, unlocking the lowest cost net-zero energy system with less overcapacity, less transmission and less storage.
Energy security
- A local clean energy source, providing a very resilient and secure supply, with a world class resource along the US west coast and Hawaii.
A major new industry
- Building out this nascent industry in the US will create significant economic value, with long-term development of coastal communities.
- Creating new qualified, sustainable and well-paid jobs
- CorPower’s modular approach with local manufacturing particularly supports a high local value add in the areas of wave farm deployment.
In September 2023 CorPower Ocean and AltaSea partnered to support wave energy deployment on the US west coast.
The news comes as the US Department of Energy (DOE) 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 around September 2024. Read more here
Rep. Barragán said: “Nearly 40 percent of the U.S. population lives in coastal communities where marine energy resources are abundant and offer tremendous potential to power our communities with clean, renewable energy, including California. With the Marine Energy Technologies Acceleration Act, we can usher in an emerging clean energy resource to help our nation and our communities meet clean energy and decarbonization goals, reduce pollution, and create high-paying jobs.”
Rep. Bonamici said: “The scale of the climate crisis requires us to use every possible approach to rapidly transition to a clean energy economy. Marine energy has the potential to tap into the immense power of the ocean, but the industry’s progress has been hampered by inconsistent and limited federal investment. I’m grateful to introduce the Marine Energy Technologies Acceleration Act with Representative Barragán to catalyze the development of the marine energy field and support the coastal communities where technology demonstrations occur.”
The legislation is cosponsored by Representatives Suzanne Bonamici (Ore.), Ed Case (Hawaii), Rashida Tlaib (Mich.), Kevin Mullin (Calif.), Val Hoyle (Ore.), Troy Carter (La.), Salud Carbajal (Calif.), and Anne Kuster (NH).
