Katie Brigham of CNBC writes about the private sector push to harness the power of waves.
- Several startups are racing to harness the power of the ocean, which is projected to be able to generate 2.6 trillion megawatt hours of electricity per year.
- PacWave, an Oregon State University spinoff, is partnering with the Department of Energy to develop a wave energy test site off the Oregon coast.
- The company is set to become America’s first full-scale grid connected test facility when its site comes online in the next few years.
- Public-private partnerships such as these could be key to delivering new sources of carbon free energy to the market.
“There are still many unknowns when it comes to wave energy tech, including whether costs can fall enough to become competitive with fossil fuels. Garson says that means getting to around 6 cents per kilowatt-hour, but that’s a long way way from the projected costs for current wave energy technologies, which Hales estimates are around $0.60 to $1.00 per kilowatt-hour.”
Read the full article here.
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