Eco Wave Power Global AB (publ) (“Eco Wave Power” or the “Company”), a leading, publicly traded onshore wave energy developer, applauds Representatives Nanette Barragán (CA-44) and Suzanne Bonamici (OR-01) for the introduction of the Marine Energy Technologies Acceleration Act,legislation that would invest $1 billion to advance marine energy toward full scale commercialization.
Marine energy harnesses the power from waves, tides, currents, and other water-based resources to generate a clean energy resource that can provide reliable 24/7 clean power to communities.
The Marine Energy Technologies Acceleration Act would provide unprecedented levels of funding to the Department of Energy’s Waterpower Technologies Office for demonstration projects, research and development, detailed resource potential mapping, workforce development, and more efficient permitting processes.
“Nearly 40 percent of the U.S. population lives in coastal communities where marine energy resources are abundant and offer tremendous potential to power our communities with clean, renewable energy, including California,” said Rep. Barragán. “With the Marine Energy Technologies Acceleration Act, we can usher in an emerging clean energy resource to help our nation and our communities meet clean energy and decarbonization goals, reduce pollution, and create high-paying jobs.”
“The scale of the climate crisis requires us to use every possible approach to rapidly transition to a clean energy economy. Marine energy has the potential to tap into the immense power of the ocean, but the industry’s progress has been hampered by inconsistent and limited federal investment. I’m grateful to introduce the Marine Energy Technologies Acceleration Act with Representative Barragán to catalyze the development of the marine energy field and support the coastal communities where technology demonstrations occur. These investments will create good clean technology jobs and reduce climate-warming greenhouse gas emissions.” said Rep. Bonamici.
This federal legislation comes in parallel to the upcoming wave energy demonstration project to be implemented by Eco Wave Power and Shell MRE at Altasea at the Port of Los Angeles, where Eco Wave Power is set to install the first U.S. onshore wave energy pilot station in the coming months. Representative Barragán has already visited Eco Wave Power’s installation site and was impressed by the abundant possibilities for wave energy implementation in California and in the United States.
“We are grateful that representatives Barragán and Bonamici recognized the vast potential of wave energy in meeting the U.S. renewable energy targets and promoting economic growth through the blue economy,” said Inna Braverman, Founder and Chief Executive Officer of Eco Wave Power.
“The U.S. is becoming a global leader on climate initiatives, and this new federal legislation further demonstrates the U.S. leadership across the world. We believe that wave energy has massive potential, and we will soon be demonstrating our pioneering technology at the Port of Los Angeles and showcasing that wave energy can be a significant force in combating climate change and powering our communities with clean, reliable energy sourced from the endless power of the ocean,” added Ms. Braverman.
“For too long, this useful source of power has had a back seat to investments in other renewable and non-renewable forms of energy,” said Terry Tamminen, CEO of AltaSea. “With this bill, Representative Barragán puts wave and tidal energy on the map — and does so in a very meaningful way.”
The legislation is cosponsored by Representatives Suzanne Bonamici (Ore.), Ed Case (Hawaii), Rashida Tlaib (Mich.), Kevin Mullin (Calif.), Val Hoyle (Ore.), Troy Carter (La.), Salud Carbajal (Calif.), and Anne Kuster (NH).
