Commercialization in sight: Europe’s ocean energy pipeline to hit 165 MW in next five years

Europe’s ocean energy sector is on track to reach 165 MW in the next five years, marking progress towards commercialization. Ocean Energy Europe (OEE) reported growth in tidal and wave technology projects, with 15 public-backed farms set to deploy 165 MW capacity. Tidal projects in the UK and France are benefiting from government support, attracting private investment. Wave energy is also advancing, but lacks national revenue support, hindering growth. The US and China are increasing their interest in ocean energy to catch up with Europe. OEE calls for more political and financial support in Europe to maintain its global leadership. The organization stresses the importance of EU funding and the European Investment Bank’s involvement to drive industry growth. OEE estimates that ocean energy could generate 100 GW of renewable power and 400,000 jobs in Europe. In March, Proteus Marine Renewables (PMR) joined OEE’s Board of Directors, with CEO Drew Blaxland becoming a Lead Partner.