The potential of wave power as a future energy source has led to an increasing amount of attention from national governments around the world. The WET-NZ Programme has received support form the New Zealand Government through two of its organisations involved with improving the environmental for New Zealanders, as well as the US Government through its Department of Energy.

Foundation for Research, Science & Technology

In 2004 the WET-NZ consortium, which at the time included the National Institute of Water and Atmospheric Research, were beneficiaries of a Foundation for Research, Science and Technology (FRST) grant that ran for four years. In October 2008, the consortium received funding for up to 6 years’ further research and development work. This grant has funded the quarter-scale device design, deployments and research testing conducted in New Zealand to date.

So far the consortium has built and tested a 1/5-scale proof-of-concept device (above) and a 1/4-scale prototype.

Energy Efficiency and Conservation Authority

On 19 May 2009 WET-NZ was awarded funding in the 2nd Round of the Marine Energy Deployment Fund, a capital grant programme administered by the Energy Efficiency and Conservation Authority (EECA) on behalf of the New Zealand Government. The money awarded will go towards the manufacture and deployment of the first WET-NZ 1/2-scale device.

US Department of Energy

Northwest Energy Innovations LLC of Portland, Oregon, submitted a bid to the recent US Department of Energy’s 2010 solicitation for ‘marine hydrokinetic’ projects, with support from WET-NZ.   The US Department of Energy announced the awards from this solicitation in October 2010, with 27 projects, including WET-NZ’s, receiving grants totalling US$37 million. As a result of the successful bid, WET-NZ will build and test a ¼-scale version of the device off the coast of Oregon and undertake detailed scale modelling at the Northwest National Marine Renewable Energy Centre's wave tanks at Oregon State University. This will enable the Programme to complement the New Zealand R&D and deployment work by adding new skills and capabilities to WET-NZ’s first international venture.

Investment Opportunities 

The WET-NZ Management Committee would be interested in hearing from parties considering an investment in an exciting, scientifically proven, technically robust wave energy converter that will compete successfully with the large number of other marine energy technologies presently under development elsewhere in the world.