H.R. 5692: Marine Energy Technologies Acceleration Act

The Marine Energy Technologies Acceleration Act is designed to enhance the competitiveness of the United States in the field of marine energy technologies. The key components of the bill include the establishment of a fund, the initiation of demonstration projects, advancement of technology, assessment of resource potential, process improvement for project permitting, and workforce development.

Establishment of a Fund

The bill establishes a Marine Energy Acceleration Fund under the direction of the Secretary of Energy, with an appropriation of $1 billion to be used for various marine energy initiatives until the funds are fully expended.

Marine Energy Demonstration Projects

• The Secretary will conduct solicitations for a minimum of twenty demonstration projects that will export power to various grids, including microgrids and utility-scale grids.
• Projects are prioritized based on their integration with existing energy infrastructure, capability for open water prototype testing, support for rural and low-income communities, and contributions to ocean-based scientific research and education.
• A portion of the fund ($600 million) is allocated for these demonstration projects.

Advancement of Marine Energy Technologies

• The bill requires the Secretary to solicit research and development projects aimed at advancing marine energy technologies and upgrades to existing facilities.
• Priority will be given to projects that improve technology efficiency, reduce costs, and support domestic manufacturing and supply chains.
• An allocation of $230 million is dedicated to technology research and development, with an additional $20 million for educational activities.

Assessment of Technical Resource Potential

• The Secretary will work with various agencies to assess the economic potential of marine energy at no fewer than 50 sites identified as having significant potential.
• This section focuses on data collection regarding marine resources and environmental monitoring to mitigate risks associated with marine energy projects.
• Funding of $50 million is allocated for these assessments.

Improvement of Permitting Processes

• A task force will be established to identify barriers to marine energy project development and recommend improvements for permitting processes.
• Efforts will be made to streamline permits, reduce costs, and enhance stakeholder coordination.
• The task force must report its findings within one year of the bill's enactment, with $15 million allocated across relevant agencies to support this effort.

Workforce Development

• The Secretary will conduct assessments of workforce needs related to marine energy and develop educational pathways to prepare workers for these jobs.
• Workforce programs are aimed at supporting local communities near demonstration project sites.
• A budget of $85 million is allocated for workforce development initiatives.

Relevant Companies

• GE (General Electric) - This company may be involved in marine energy technologies given its investments in renewable energy and power generation solutions.
• NEE (NextEra Energy) - As a significant player in renewable energy, NextEra might explore opportunities in marine energy projects.
• ORCL (Oracle Corporation) - Potentially impacted through software solutions in managing energy resources and data analysis for marine energy projects.