Wave energy is the redheaded stepchild of the renewable energy world.
It would make up only 0.4 percent of renewable energy sources by 2050 if the United States transitions to 100 percent renewable energy sources, according to Stanford University projection. Wave is dwarfed by onshore wind, which could make up 30.9 percent of the U.S.’s renewable energy sources under such a scenario.
The U.S. Department of Energy’s Wave Energy Prize aims to entice developers to experiment with wave energy converter technologies that can reduce the cost of wave energy, making it competitive with traditional energy solutions.
Corporate teams are competing for the $2.25 million prize purse.
This year’s competition includes AquaHarmonics of Portland, Ore.; CalWave Power Technologies of Berkeley, Calif.; M3 Wave of Salem, Ore.; Oscilla Power of Seattle, Wash.; RTI Wave of York, Maine; Sea Potential of Bristol, R.I.; SEWEC of Redwood City, Calif.; Harvest Wave Energy of Research Triangle Park, N.C.; and Waveswing America of Sacramento, Calif.
“The Wave Energy Prize, a 20-month design-build-test competition, is encouraging the development of game-changing wave energy converter technologies that will reduce the cost of wave energy, making it more competitive with traditional energy solutions,” said a Department of Energy statement.
The winners of the prize will be announced Nov. 16.