Eco Wave Power Global AB, a prominent onshore wave energy developer publicly traded, commends Representatives Nanette Barragán (CA-44) and Suzanne Bonamici (OR-01) for introducing the Marine Energy Technologies Acceleration Act.
This legislation proposes a $1 billion investment to push marine energy toward large-scale commercialization.
Harnessing Marine Energy
Marine energy taps into the power of waves, tides, currents, and other water-based resources to generate clean energy. This energy source promises to deliver reliable, 24/7 clean power to communities.
Unprecedented Funding for Marine Energy
The Marine Energy Technologies Acceleration Act aims to allocate substantial funding to the Department of Energy’s Waterpower Technologies Office.
This funding will support demonstration projects, research and development, detailed resource potential mapping, workforce development, and more streamlined permitting processes.
Supporting Coastal Communities
“Nearly 40% of the US population resides in coastal areas where marine energy resources are plentiful,” stated Rep. Barragán. “The Marine Energy Technologies Acceleration Act will introduce a new clean energy resource, aiding our nation and communities in achieving clean energy and decarbonization goals, reducing pollution, and creating well-paying jobs.”
Addressing the Climate Crisis
“The magnitude of the climate crisis necessitates utilizing every possible method to quickly transition to a clean energy economy,” noted Rep. Bonamici. “Marine energy has the potential to harness the vast power of the ocean, but the industry’s growth has been limited by inconsistent federal investment.
The Marine Energy Technologies Acceleration Act will drive the development of the marine energy sector and support the coastal communities where technology demonstrations will take place, generating clean technology jobs and cutting greenhouse gas emissions.”
Upcoming Wave Energy Demonstration Project
This legislation coincides with the upcoming wave energy demonstration project by Eco Wave Power and Shell MRE at Altasea in the Port of Los Angeles.
Eco Wave Power plans to install the first US onshore wave energy pilot station shortly. Representative Barragán has visited Eco Wave Power’s installation site and was impressed by the vast potential for wave energy in California and the US.
Recognizing the Potential of Wave Energy
“We appreciate Representatives Barragán and Bonamici for recognizing the significant potential of wave energy in achieving US renewable energy targets and fostering economic growth through the blue economy,” commented Inna Braverman, Founder and CEO of Eco Wave Power.
US Leadership in Climate Initiatives
“The US is emerging as a global leader in climate initiatives, and this new federal legislation underscores US leadership worldwide.
Wave energy has enormous potential, and we will soon demonstrate our pioneering technology at the Port of Los Angeles, showcasing that wave energy can be a major force in combating climate change and providing our communities with clean, reliable energy sourced from the ocean’s infinite power,” stated Braverman.
Elevating Wave and Tidal Energy
“For too long, this valuable power source has been overshadowed by investments in other energy forms,” concluded Terry Tamminen, CEO of AltaSea. “This bill places wave and tidal energy on the map in a significant way.”
Legislative Support
The legislation is co-sponsored by Representatives Suzanne Bonamici (Oregon), Ed Case (Hawaii), Rashida Tlaib (Michigan), Kevin Mullin (California), Val Hoyle (Oregon), Troy Carter (Louisiana), Salud Carbajal (California), and Anne Kuster (New Hampshire).