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New Funding Announced for Water Power Projects in the US by Staff International Water Power & Dam Construction, April 26, 2010

The US Department of Energy is to invest up to US$39M over four years to expand and accelerate the development of marine and hydrokinetic technologies (MHK) throughout the country.

The department will accelerate the technological advancement and commercial readiness of emerging water power technologies that can produce renewable, cost-competitive electricity by harnessing the energy of waves, currents, tides, and free-flowing rivers, or energy stored in ocean thermal gradients. DOE will use "technology readiness levels" a tool which has been effectively used by numerous companies and federal agencies to measure and compare the maturity of evolving technologies, to evaluate and select projects.

This funding opportunity seeks to leverage private-sector investment in MHK technologies by providing cost-shared funding to industry and industry-led partnerships in order to advance the technological and operational readiness of MHK systems and components. The goal is to effectively transition leading MHK system and component designs toward commercialization.

The investment was announced by Energy Secretary Steven Chu as part of a US$200M funding initiative to will help the water power industry, along with the solar power market, overcome technical barriers, demonstrate new technologies, and provide support for clean energy jobs for years to come. Investments in solar energy include up to $125M over five years for the Photovoltaic Manufacturing Initiative, up to $40M over three years for Photovoltaic Supply Chain Development, and up to $4.5M over five years for the National Administrator of the Solar Instructor Training Network.

Applications for funding for MHK technologies are due 7 June 2010. The complete Funding Opportunity Announcement can be viewed on the Wind and Water Power Program's Financial Opportunities site at www1.eere.energy.gov/windandhydro/financial.html.