Oregon Wave Energy Trust Gets Funding

The Oregon Wave Energy Trust (OWET) has received the first part of its $4.2 million budget approved by the 2007 state legislature, and is moving ahead with plans and activities to make Oregon a global leader in the industry. The group has received $1 million from the Oregon Innovation Council.

OWET was formed last year to build and share the expertise needed to support responsible development of this industry. Researchers say that the ocean is the largest, most concentrated source of renewable energy on Earth, and the potential for wave energy in Oregon is enormous – it could provide 10 percent of the state’s electricity needs by 2025.

“The state’s investment is aimed at addressing the challenges facing the industry, which include education and outreach, understanding potential environmental effects, responding to existing use conflicts, research and development, and state-wide planning,” said OWET’s acting Director Justin Klure.

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