Oregon Wave Energy Trust offers matching grants for wind-wave technolgy

The Oregon Wave Energy Trust is offering financial help to companies development wind-wave technology such as Oregon-based Floating Power Plant.

The Oregon Wave Energy Trust is offering financial help to companies developing wind-wave technology.

The Oregon Wave Energy Trust announced this week that it will provide matching grants to companies who receive funding from the U.S. Department of Energy for offshore wind-wave energy platform development.

The DOE grant process, opened earlier this year, will provide money to companies with promising technology for offshore wind generation. Recipients of the federal money will have to pony up 20 percent of the grant total in order to receive the funds.

OWET's grant matching program is designed to help out companies that need assistance coming up with that cash, as long as those companies have a wave component to their offshore wind technology and plan to develop and/or deploy that technology off the coast of Oregon.

OWET has set aside funds to cover the 20 percent match up to $100,000 per grant.

"We're targeting the earlier stage companies that would value a few thousand dollars of assistance," said Jason Busch, executive director.

Busch said there are two companies he knows of already on the ground in Oregon that might be in the running for the DOE grant including Floating Power Plant, which announced last month it will establish its North American headquarters in Oregon, and Seattle-based Principle Power, which is deploying a wind-wave platform off the coast of Portugal.

Busch added that he also hopes to uncover new wave-oriented startups and attract others to Oregon through the grant-matching program.

@SustainableBzOR | christinawilliams@bizjournals.com | 503.219.3438


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