The U.S. Department of Energy’s Water Power Technologies Office (WPTO) recently announced a funding opportunity of nearly $5 million to support programs that accelerate the commercialization and adoption of water power systems and solutions. This initiative aims to provide support for entrepreneurs and small businesses in the hydropower and marine energy sectors. Water power technologies, such as hydropower and marine energy, play a crucial role in achieving a clean electricity sector by 2035 and a net-zero-emissions economy by 2050. These resources, which rely on the movement and flow of water, are known for their predictability and reliability, making them ideal for balancing an electricity grid with higher levels of variable renewable energy sources like wind and solar.
The funding opportunity will focus on Water Power Incubation and Acceleration, which aims to enable entrepreneurship, accelerate water power innovation, and support business creation and growth in communities and regions across the United States. By providing unique commercialization services and support to entrepreneurs and small businesses in the water power space, this initiative seeks to foster increased competition, innovation, and economic development. Additionally, the establishment of new or expanded incubators and accelerators will facilitate collaboration and the building of a stronger innovation network to expedite the market entry of water power technologies.
The funding opportunity will be divided into two phases. In the first phase, WPTO plans to award up to $100,000 to a maximum of eight projects, with an expected duration of six to nine months. Following this phase, up to four projects will be selected to advance to the second phase, where they will be eligible to receive up to $1 million each for a period of two to three years. The extended deadline for submitting a concept paper is 5 p.m. ET on August 28, 2024, to qualify for submitting a full application.
Entrepreneurs and small businesses interested in this funding opportunity can learn more about the application process and other funding opportunities within the DOE’s Office of Energy Efficiency and Renewable Energy (EERE) by visiting their website. This initiative represents a significant step towards advancing water power technologies and accelerating their integration into the clean energy landscape, ultimately contributing to the transition towards a sustainable and environmentally friendly energy sector.
