U.S. Department of Energy (DoE) is sponsoring Wave Energy Prize competition in order to encourage the development of WEC devices that reduce the cost of wave energy production.
Through the Wave Energy Prize, the DoE is trying to identify new technologies that can help reduce the Levelized Cost of Energy (LCOE) over current leading WEC device designs.
Registration for the Wave Energy Prize is set for April 1, 2015, and the Prize Administration Team has published a draft version of the Wave Energy Prize Rules that is now open for public comments.
The public comment period ends on March 20, 2015.
The official version of the Wave Energy Prize Rules will be published once the registration for the competition opens.
The team that ranks the higher after testing the 1/20th scale WEC device model will be awarded USD 1.5 mln. The second team will win an award in the amount of USD 500.000, and the third-placed tam will be awarded USD 250.000.