The U.S. Department of Energy’s (DOE) Water Power Technologies Office (WPTO) announced awards of $800,000 for eight projects that support incubator or accelerator programs that enable entrepreneurship, accelerate hydropower and marine energy innovation and support business creation and growth across the United States.
“Energy harnessed from the movement of water has an essential role in providing reliable, renewable power to millions of Americans and even for industries out at sea,” said WPTO Director Matthew Grosso. “By supporting programs and services for water power entrepreneurs and small businesses, these projects have incredible potential to help create businesses and advance innovation and economic development in communities across the country.”
Hydropower facilities help electricity grids remain reliable and stable, ensuring homes and businesses across the country have power when they need it. The D.O.E. said hydropower currently accounts for about 27% of U.S. utility-scale renewable electricity generation and nearly 6% of the country’s total utility-scale electricity generation.
Marine energy, which captures energy from waves, tides, ocean and river currents, and even differences in ocean salt levels, temperatures, and pressure is not yet widely deployed across the U.S. But the D.O.E said total available marine energy resource in the United States is equivalent to nearly 60% of all U.S. power generation. Even if only a small portion of this technical resource potential is captured, marine energy technologies would make significant contributions to U.S. energy needs.
The selected projects will each receive $100,000 and last six to nine months. Then up to four projects will be selected to receive up to $1 million each to continue their work over three years. The selected projects are:
- Blue Power Accelerate: Catalyzing Innovation in Marine Energy and Hydropower: will build a comprehensive ecosystem to fill critical supply chain gaps for ventures that leverage innovative water power technologies. FedTech is a partner on this project.
- Blue Ventures for the Pacific Northwest Water Power Program: Washington Maritime Blue: will launch a trial incubator for water power technology startups, recruit industry mentors, and develop tailored resources to address unique water power challenges. Project partners include the National Renewable Energy Laboratory, Pacific Marine Energy Center, Pacific Northwest National Laboratory and Pacific Ocean Energy Trust.
- Constructive Interference to Impact (CI2I): Aligning Waves of Support for Marine Energy Entrepreneurs: Braid Theory, Inc. will develop a comprehensive plan to engage, educate, and support marine energy startups as they navigate from an ideation stage to commercialization. Partners on this project include AltaSea at the Port of Los Angeles, Ocean Exchange, and Seaworthy Collective.
- Supporting Water Innovation and Marketplace: Fedsprout: will establish a modular accelerator designed to advance the commercialization of hydropower and marine energy technologies and will develop tools for financial modeling, business planning, and regulatory compliance while expanding Cleantech Open Northeast’s accelerator model. Project partners include ACT Institute, Camoin Associates, and Catalyst Strategies.
- VentureWell’s Investor Readiness Training Program: Ascend for Marine Energy and Hydropower Startups: VentureWell plans to launch two annual cohorts for its Ascend Program, a 10-week hybrid investment readiness training designed to support pre-seed startups. The program helps startups launch, establish strategic partnerships, and prepare to raise capital, while fostering a supportive community and offering access to technical resources, mentorship and funding.
- Water and Alaska Vital Energy Systems (WAVES): Launch Alaska: will will support water power companies looking to do business in the state by offering business development services, including market analysis, regulatory guidance, mentorship and networking, as well as facilitating connections to potential investors and strategic partners.
- Water Power Innovation Accelerator Gap Analysis and Implementation: Research Triangle Institute International: will conduct a gap analysis to identify challenges in the water power innovation ecosystem and barriers underrepresented communities face in joining the industry. The program curricula will address water power-specific topics, including regulatory constraints, public and private funding strategies, relicensing, dam safety, environmental impact considerations, and grid integration.
- WaterSHED (Sustainable Hydrological Energy Development) Studios: Realize 2050, LLC: will accelerate hydropower and marine energy innovation by transforming dormant intellectual property from universities and national laboratories into commercially viable technologies. The team will shape a venture-building program to support the commercialization of these innovations through mentorship, technical support, and market strategies. Partners include Espiku, Natel, National Grid Partners, and NextEra Energy.
