Ocean Energy Advances Towards Commercialization in 2024
Ocean energy continued to advance towards commercialization in 2024, with new data from Ocean Energy Europe (OEE), a network of ocean energy professionals, showing growth across tidal and wave technology pipelines.
According to OEE, the pipeline of pre-commercial tidal energy projects expanded further, supported by 165 MW in capacity across 15 public-backed farms slated for deployment over the next five years. The scale-up is said to be building investor confidence and market momentum.
In addition to European and national grant funding, the pipeline of tidal projects is carried by revenue support schemes in the UK and France. According to OEE, long-term government support has provided visibility and attracted private capital. However, coordinated public funding and revenue mechanisms are still needed to industrialize the sector.
Wave energy also saw progress in 2024, with full-scale devices deployed and several technologies now considered ready for farm-scale rollout. European grant funding has supported the development of these technologies and enabled the first commercial projects. But OEE warned that wave projects still lack national revenue support, limiting their bankability and pipeline growth.
Outside Europe, interest in ocean energy is rising in the US and China, where investments aim to scale up the sector and reduce Europe’s lead. OEE called for greater political and financial backing in Europe to maintain its global leadership.
“The UK and France demonstrated with tidal that when national revenue support is in place, farm projects thrive, and private investment quickly follows. It makes projects bankable by offering predictable returns to investors. We need to do the same for wave — especially in Portugal, Spain, the UK, and Ireland,” said Valentin Dupont, Senior Policy Officer at Ocean Energy Europe.
“EU funding will remain essential to drive new deployments and scale up the industry. The EIB must also step in now with debt funding and guarantees to support the first pre-commercial farms. This will lower the cost of capital, attract further private investment, and boost the industrialization on the continent.”
OEE estimates that ocean energy could deliver up to 100 GW of renewable power and create 400,000 jobs in Europe, along with export opportunities across global markets.
In March, OEE appointed Proteus Marine Renewables (PMR) to its Board of Directors, with CEO Drew Blaxland joining as a new Lead Partner.