The money as a whole is intended to drive the industry forward and profit all participants. Applications for the Funding Opportunity Announcement are due by Mid June of this year, with projects having to start within the 2008 fiscal year. Further funding is subject to Congressional appropriations.
According to the DOE; “Through this Funding Opportunity Announcement (FOA), DOE seeks partnerships with U.S. industry and universities to develop innovative and effective technologies capable of harnessing water power energy resources, including ocean wave, tidal, current and other water-based resources. “
“Water covers more than 70 percent of the Earth's surface. Using environmentally responsible technologies, we have a tremendous opportunity to harness energy produced from ocean waves, tides or ocean currents, free flowing water in rivers, and other water resources to advance the Administration’s comprehensive energy strategy and provide clean and reliable power in the United States,” Andy Karsner, DOE Assistant Secretary for Energy Efficiency and Renewable Energy, said. “The U.S. Department of Energy is aggressively pursuing the development of next-generation technologies that are capable of increasing the use of clean, renewable energy to further our energy security and help meet the President’s goal to stop greenhouse gas emissions growth by 2025.”
For additional information:
http://www.doe.gov/news/6206.htm
