Marine energy refers to power harnessed from waves, tides, ocean and river currents, and even from differences in ocean salt levels, temperatures, and pressure. These resources are abundant, geographically diverse, and complementary to other renewable energy sources, like wind and solar. While marine energy is not yet widely deployed across the country, the total available marine energy resource in the United States is equivalent to approximately 57% of all U.S. power generation.

In addition to marine energy’s enormous potential, floating offshore wind has 2.8 terawatts of potential power in the United States. If fully developed, this would equate to more than double current U.S. electricity consumption.

The opportunity will fund projects across four topic areas:

1. Up to $5 million for projects that generate publicly available data and test platforms that will help identify cost reductions and performance improvement pathways for the advancement of marine energy devices.
2. Up to $1.5 million for projects that advance potential synergies between offshore wind and/or marine energy and aquaculture development. (This topic area is a joint effort between WPTO and WETO.)
3. Up to $2 million to support undergraduate senior design and/or research projects in marine energy.
4. Up to $6 million to support projects in an open topic area where applicants can propose activities that address the needs of the marine energy industry not covered in other topic areas.

Up to 33 awards between $200,000 and $1,000,000 are anticipated under the Marine Energy University Foundational R&D funding opportunity. Applicants must submit a concept paper by 5 p.m. ET on February 20, 2024, to be eligible to submit a full application.

WPTO and WETO will host an informational webinar at 3 p.m. ET on January 24, 2024, to discuss the funding opportunity and areas of focus.