Newport’s long-touted offshore wave energy experiment, run mostly by Oregon State University, got a lifeline from the federal government this week in awarding the project $4.3 million. Published reports say the “seed money” bodes well for the project that seeks to perfect research into and production of wave energy devices that will effectively harness wave energy and turn it into electricity which would be sent via underwater cables to power stations on shore.
The $4.3 million grant is viewed as a good sign that a larger award of the $50 million necessary for the project’s completion could be awarded to the Oregon project. A competing project has been established off California. The competition is between Oregon and California as to which attempt at harnessing wave energy and sending it ashore will be the best option. OSU researchers say there are a number of wave energy devices on the drawing board that need money in order to be built and tested.