Notice of Intent: Nearly $5 Million Funding Opportunity to Support Water Power Entrepreneurship and Innovation

The U.S. Department of Energy’s (DOE’s) Water Power Technologies Office announced an intent to provide nearly $5 million in funding for programs that accelerate the commercialization and adoption of water power systems and solutions. This proposed opportunity is intended to support programming and services for entrepreneurs and small businesses in hydropower and/or marine energy. DOE anticipates opening this funding opportunity in April or May 2024.

Water power technologies, including hydropower and marine energy, are key to achieving a clean electricity sector by 2035 and a net-zero-emissions economy by 2050. These resources depend on the movement and flow of water and are generally predictable and reliable. This makes them well-suited to help balance an electricity grid with higher levels of variable renewable energy like wind and solar. 

The proposed opportunity is expected to support programs that enable innovation and entrepreneurship in water power technologies, including business creation and economic growth in communities and regions throughout the United States. It will aim to fund new and/or expanded incubators and accelerators in water power to build a water power innovation network to accelerate technologies to market.