US Energy Department Invests $16 Million to Harness Wave and Tidal Energy

Wave and tidal energy in USA

The U.S. Department of Energy announced Thursday it would be investing $16 million on 17 different projects to help capture energy from waves, tides and currents. The projects are part of the effort to deploy every available source of U.S. energy as part of President Barack Obama's all-of-the-above energy strategy, according to the department.

"Wave and tidal energy represent a large, untapped resource for the United States and responsible development of this clean, renewable energy source is an important part of our all-of-the-above energy strategy," said Assistant Secretary for Energy Efficiency and Renewable Energy David Danielson.

Eight of the projects will use $13.5 million to build wave and tidal devices that reduce overall costs and maximize the energy gathered. The projects will develop new drivetrain, generator and structural components as well as develop software that will predict ocean conditions and adjust the device settings to maximize power production.

The other nine projects will use $2.4 million to gather and analyze environmental data from wave and tidal projects as well as potential development areas.

The largest recipient of the funding is Ocean Renewable Power Co. LLC, which will receive $4.93 million for two projects. Other recipients include Columbia Power Technologies, ABB Inc. (NYSE: ABB), Resolute Marine Energy Inc., Ocean Energy USA LLC, Ocean Power Technologies Inc. and Electric Power Research Institute Inc.

To see the full list of the seventeen projects announced, click HERE.