Columbia Power Technologies has been selected to receive $3.75 million in second-phase funding from the US Department of Energy to further advance its wave energy technology.
The Virginia-based wave energy developer will use the funding to demonstrate a streamlined, cost-effective installation and recovery process that includes design updates and process improvements related to IO&M, while deploying its StingRAY floating wave energy converter.
The team will also aim to identify specific methods for reducing the cost of energy in future deployments, according to the US Department of Energy’s Office of Energy Efficiency and Renewable Energy.
Columbia Power’s project, along with the one from Verdant Power reported earlier, were evaluated for continued funding through a competitive selection process which reviewed phase-one performance and trajectory toward the goals of a 2015 funding opportunity.
A third project, Igiugig Village Council, met criteria for second-phase funding but was listed as an alternate.
It’s next to receive funding if one of the other projects can’t move forward, the US Department of Energy said.
The Office of Energy Efficiency and Renewable Energy accelerates development and deployment of energy efficiency and renewable energy technologies and market-based solutions that strengthen US energy security, environmental quality, and economic vitality.