Americas News
U.S. Navy Puts $30M into New Energy Development
The U.S. Office of Naval Research (ONR) says it is investing $30 million in a Hawaiian program to fund the development of "new and innovative" energy concepts.
"The Energy Excelerator helps startups succeed, starting in Hawaii - one of the best early markets for energy innovation," said Dawn Lippert, the project's senior manager.
"We are excited to see ONR supporting companies that have the potential to make a really big impact in solving global energy problems."
The Energy Excelerator, which supports startup companies in bringing new technologies to the market, has already helped 17 current portfolio companies to raise more than $38 million in follow-on funding over the last three years.
"In the modern era, technological breakthroughs offer unprecedented opportunities to move toward diversified energy sources," said Dr. Richard Carlin, director of ONR's Sea Warfare and Weapons Department.
"It's vital for our Sailors and Marines, and the nation, to discover and develop new sustainable sources of energy-as well as dramatically improve the way we manage energy."
Hawaii has strong wind, solar, bioenergy, wave, and geothermal resources, which allows participants in the program to research a wide variety of energy concepts, and the program also helps the nation's "strategic pivot" toward the Asia-Pacific region, the Navy said.
The Navy has increased its focus on various alternative fuel sources in recent years, developing fuel cells and biofuels, among other technologies.
"The United States Navy and Marine Corps rely far too much on petroleum, a dependency that degrades the strategic position of our country and the tactical performance of our forces," the Navy's Energy Statement says.
"The global supply of oil is finite, it is becoming increasingly difficult to find and exploit, and over time cost continues to rise."
