Wave Energy Prize Table of Contents Welcome to the Wave Energy Prize!

Why a Wave Energy Prize?

Question of the Month Welcome to the Wave Energy Prize! This is the first of several monthly e-Newsletters that will provide updated information about the U.S. Department of Energy's Wave Energy Prize. We thank you for your interest and for signing up to receive these updates! Wave Energy Prize finalists will have the opportunity to test their designs at the nation's most advanced wave-making facility, the Naval Surface Warfare Center's Maneuvering and Seakeeping (MASK) Basin at Carderock, MD, in the summer of 2016.

Are you considering participating in the Wave Energy Prize? Registration is scheduled to open in just over a month, so it’s time to get ready! This month’s newsletter focuses on the basics of the Prize as well as the anticipated timetable. As always, you can send your questions to info@waveenergyprize.org. If we receive questions of general interest to the community, they will be added to the FAQ section of the website. Wave Energy Prize Aims To Cut Costs Of Wave Energy Production In Half (CleanTechnica, Tue 10 Feb 2015) Why a Wave Energy Prize? With more than half of the American population living within 50 miles of U.S. coastlines, a cost-effective wave energy industry can provide electricity for millions of homes, especially in geographically suited areas such as the Pacific Northwest. However, existing wave energy converter (WEC) concepts are still in the early stages of technological development and are not yet cost competitive with other means of generating electricity. Because of this, there is an opportunity to significantly reduce the cost so wave power can effectively contribute to the nation’s clean energy supply and its energy independence. What if the next two years could produce a technology leap so revolutionary that it would make the cost of wave energy more competitive with traditional sources of energy? This could be the result of the U.S. Department of Energy’s Wave Energy Prize. Teams will be attracted to the Wave Energy Prize for a number of reasons. Some will be attracted to the cash prize. Some teams will want to take on the challenge of a tough engineering problem. Some teams will be drawn to the idea of working toward a game-changing development in the field of clean energy. Some teams may already be working on innovative WEC designs and will want access to seed money to help turn these designs into reality. Ultimately, the winner of the Wave Energy Prize will deliver a WEC device that is deemed capable of cutting in half the cost of producing electricity from ocean waves in a two-year period. Question of the Month Who can participate in the Wave Energy Prize? U.S. entities are able to participate in the Wave Energy Prize. This includes U.S. persons and companies as well as foreign companies that are incorporated in and maintain a primary place of business in the United States. Full eligibility requirements for the Wave Energy Prize are set in accordance with those established by the America Competes Act, and are fully outlined in the Wave Energy Prize Rules document, which will be made available on waveenergyprize.org for public comment in March.

