Marine Energy Commercialization Review: Evaluation of the Transition From Public to Private Capital

The mission of the U.S. Department of Energy's Water Power Technologies Office (WPTO) is to advance marine energy technologies through research, testing, and commercialization. This paper explores the barriers and potential solutions for marine energy commercialization by evaluating publicly available literature, feedback from public and private actors, and historical WPTO actions. A key finding is the absence of standardized metrics to measure marine energy commercialization progress and the lack of targeted success goals. This paper aims to define those metrics, informed by public and private goals and the challenges developers experience, and to further evaluate targets offered by public funders and private capital providers. Recommendations to address barriers in marine energy commercialization include enhancing public-private communication, refining commercialization requirements, leveraging technology transfer programs, and exploring novel funding mechanisms like green bonds and contracts for difference. Addressing these challenges through proposed adjustments could facilitate the transition of marine energy technologies from public funding to sustainable private investment, ultimately advancing their commercialization.