Energy Department announces $18 million investment in unlikely power source — here's how it could help consumers
Marine energy — power harnessed from waves, tides, and underwater currents — is one of the most underused clean energy sources in the U.S. But for context, according to the DOE, marine energy resources in the U.S. are equal to about 57% of all the power generated in 2019. Even if we can capture a fraction of that, it could be a game-changer for clean energy.
Jeff Marootian, the principal deputy assistant secretary for the DOE's Office of Energy Efficiency and Renewable Energy, said in the announcement: "The oceans hold incredible potential for renewable energy to power homes, businesses, and even offshore work such as marine research."
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In August 2024, the Marine Energy Technologies Acceleration Act was also introduced into Congress. If that bill goes through, we could see even more funding for research and the development of new technology for harnessing marine energy.
Investing in marine energy could benefit consumers immensely. As these kinds of tech advance and become more common, they could drive down energy costs and provide more reliable renewable energy, especially for coastal communities. They also reduce our dependence on dirty energy from fossil fuels, which contribute to planet-warming gases and air pollution. Plus, water-based energy sources are predictable (unlike wind and solar, which depend on the weather), and they could help stabilize the energy grid.
We've seen the power of renewable marine energy in similar projects, such as a new grid-scale wave energy device off the coast of Hawai'i. Research to advance the tech used for harnessing marine energy is ongoing, with new tools in development, such as the impressive Dragon 12 underwater kite.
The DOE has listed more information about the projects receiving funding on its website.
"These projects harness the creativity of researchers at universities across the country to spur innovation in marine and ocean renewable energy," Marootian said in the announcement.
After the announcement, Congresswoman Debbie Dingell shouted out the University of Michigan, one of the institutions selected for funding. "These projects will improve marine energy technology and make data more accessible to the public, bringing us one step closer to making marine energy a reliable, cost-effective power," Dingell said.
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Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict, many of which are outside our control. Our actual results, financial condition, and events may differ materially from those indicated in the forward-looking statements based upon a number of factors. Forward-looking statements are not a guarantee of future performance or developments. You are strongly cautioned that reliance on any forward-looking statements involves known and unknown risks and uncertainties. Therefore, you should not rely on any of these forward-looking statements. There are many important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements, including: the failure to obtain necessary regulatory approvals for the proposed acquisition of Renergen; disruption from the proposed acquisition of Renergen making it more difficult to maintain business and operational relationships; significant transaction costs and unknown liabilities related to the proposed acquisition of Renergen; litigation or regulatory actions related to the proposed acquisition of Renergen; the outcomes of various strategies and projects undertaken by the Company; the potential impact of laws or government regulations or policies in South Africa, the United Kingdom or elsewhere; our reliance on the efforts of third parties; our ability to complete the proposed the construction and commissioning of our enrichment plant(s) or to commercialize isotopes using the ASP technology or the Quantum Enrichment Process; our ability to obtain regulatory approvals for the production and distribution of isotopes; the financial terms of any current and future commercial arrangements; our ability to complete certain transactions and realize anticipated benefits from acquisitions, investments, collaborations and contracts; dependence on our Intellectual Property (IP) rights and certain IP rights of third parties; the competitive nature of our industry; and the factors disclosed in Part I, Item 1A. 'Risk Factors' of the company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024 and any amendments thereto and in the company's subsequent reports and filings with the U.S. Securities and Exchange Commission. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise. No information in this press release should be interpreted as an indication of future success, revenues, results of operation, or stock price. All forward-looking statements herein are qualified by reference to the cautionary statements set forth herein and should not be relied upon. Contacts Jason Assad–Investor relations (ASP) Email: [email protected] Telephone: 561-709-3043 Lexi Swearingen-Media relations (Fermi America) Email: [email protected] Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same. Ahmedabad Plane Crash
