Finance

DOE opens $5 million funding opportunity for hydropower and marine energy

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DOE opens $5 million funding opportunity for hydropower and marine energy

The U.S. Department of Energy’s (DOE’s) Water Power Technologies Office (WPTO) has opened a nearly $5 million funding opportunity to support programs that accelerate the commercialization and adoption of water power systems and solutions.

This opportunity will support programming and services for entrepreneurs and small businesses in hydropower and/or marine energy.

Water power technologies, including hydropower and marine energy, are generally predictable and reliable, making them well-suited to help balance an electricity grid with higher levels of variable renewable energy like wind and solar, DOE said.

This opportunity will fund projects in one topic area, Water Power Incubation and Acceleration, focused on enabling entrepreneurship, accelerating water power innovation, and supporting business creation and growth in communities and regions. Providing commercialization services and support to entrepreneurs and small businesses in the water power space can lead to increased competition and innovation and enhanced economic development. Additionally, new or expanded incubators and accelerators will be able to collaborate with one another and build a stronger innovation network to accelerate water power technologies to market.

The funding opportunity will consist of two phases. In the first phase, WPTO anticipates awarding up to $100,000 each to up to eight projects, expected to last six to nine months. WPTO will then select up to four of those projects to move onto the second phase. Those projects will be eligible to receive up to $1 million each and are expected to last two to three years.

Applicants must submit a concept paper by 5 p.m. ET on Aug. 7, 2024, to be eligible to submit a full application. The submission deadline for full applications is Sept. 18, 2024.The expected date for selection notifications is October 2024 and the expected timeframe for award negotiations is October to November 2024.