Global wave and tidal energy market set for 'significant growth' by 2034
The global wave and tidal energy market is set for significant growth, with projections indicating an increase from $1.1 billion in 2024 to $21.8 billion by 2034, growing at a CAGR of 34.8%, according to a March 6 report by news agency MENAFN. Asia-Pacific, specifically, emerged as a dominant region in the wave and tidal energy market, capturing more than 45.2% of the global market share in 2024, valued at about $0.4 billion.
The following compilation highlights the latest wave and tidal energy news.
Minesto scaling up, moving from single-kite operations to arrays
Ocean energy developer Minesto has been selected to participate in the Global Innovation Accelerator (GIA) program, which is initiated and funded by the Swedish Energy Agency and run together with partner Business Sweden.
Minesto, a marine energy technology company that specializes in generating electricity from predictable tidal streams and ocean currents, says its focus will be on strengthening business development in Asia, according to its March 7 news release.
Swedish Energy Agency describes the GIA as a tailor-made accelerator for companies that contribute to the Swedish and global transition toward a sustainable energy system and have an established international market strategy. A program round lasts about 12 to 18 months and focuses on business and market development support. The GIA program includes market mapping, support for standardization and certification issues, participation in conference or trade fair, and investor search.
Moreover, an independent technical review of Minesto's Dragon-class technology initiated in 2024 was completed by DNV in February 2025. Minesto says the completed review strengthens its buildout investment case.
The review is based on full disclosure of technical data related to relevant aspects of the Dragon-class technology, ranging from energy conversion performance, production volumes and installation procedures. Comprehensive documentation, workshops with the Minesto development team and a visit to the production site on the Faroe Islands during offshore installation were taken into consideration for the review process.
The review of technology-readiness supports Minesto’s plan for a first 10-MW array buildout in Faroe Islands and the potential for reaching competitive cost of energy levels based on the low system weight, as well as the installation and handling procedures.
Minesto CEO Dr. Martin Edlund says the company is "scaling up and moving from single-kite operations to arrays."
Minesto is sharing the review results together with technical documentation with selected partners and potential customers under NDA to move the commercial agenda forward, showcase the technology and provide required transparency.
DNV also provided guidance on potential risks and suggestions for areas of improvement, which Minesto says have been incorporated into the development agenda.
Project aims to unlock tidal and river energy potential
The recently-launched SHINES project (Showcasing Hydrokinetic energy Innovations for Northwest European Energy Sovereignty) brings together 14 partners from France, Ireland, Belgium, the Netherlands, Switzerland and Germany.
Co-financed by Interreg North-West Europe, SHINES aims to unlock the potential of tidal and river energy systems, according to Inyanga's March 13 news release. With a budget of €10 million (US$10.8 million), including 60% ERDF funding (€6 million [US$6.5 million]), this project led by OPEN-C Foundation will span from January 2025 to December 2028.
Northwest Europe will serve as the location for the tidal and river energy development, specifically gulfs, straits, islands, inlets and spots along large rivers. Despite its potential, tidal and river energy in Northwest Europe requires further investment to overcome political, economic and regulatory hurdles, according to SHINES project partners.
SHINES will address these challenges by replicating and scaling up three technologies—HydroWing, RivGen and TidalKite—through grid connections and real sea deployments in France and the Netherlands. Some of the most promising sites across the region will be developed, engaging 100 organizations in the adoption of tidal and river energy systems.
Inyanga is a partner in the SHINES project, using its patented HydroWing technology. The company will design, construct and install a grid-connected 600-kW tidal energy turbine on the Paimpol-Bréhat test site in France, then operate and monitor the device throughout the test period. In addition, Inyanga will install and maintain the SeaQurrent TidalKite device at Paimpol-Bréhat, managing all offshore operations.
Eco Wave progresses several wave energy projects
Eco Wave Power Global AB, a wave energy technology company, recaped several 2024 project milestones in its annual report issued on March 3, 2025.
Offshore Israel: Eco Wave Power inaugurated the EWP-EDF One wave energy project at the Port of Jaffa. The company says the project is the first wave energy project in the history of Israel supplying clean energy to the country's national grid under a power purchase agreement with the Israeli National Electric Co. Eco Wave Power says this project serves as a testbed for advancing its technology. So far, the pilot project has achieved 24/7 operation in the last week of December 2024; 78% operational uptime in November 2024, with near-zero downtime since May 2024; and operation expenses in line with target of below 4% of the capex annually.
The company plans to conduct R&D in 2025 to refine the wave energy formula that underpins its energy generation targets. The formula, specifically tailored to Eco Wave Power's technology, will be regularly updated based on operational data.
Offshore Portugal: Eco Wave Power progressed its first megawatt-scale wave energy project in Porto, Portugal, part of a 20-MW concession agreement with Administração dos Portos do Douro, Leixões e Viana do Castelo, S.A. (APDL).
The company also engaged MOQ Engineering to finalize the civil engineering design and load calculations for the project's floaters, a key component of Eco Wave Power's technology.
Additionally, Eco Wave Power launched critical infrastructure enhancements at The Gallery, an existing breakwater tunnel that will house its energy conversion equipment and be transformed into a public wave energy museum and educational center.
Once the final designs are completed by MOQ Engineering in early 2025, Eco Wave Power will submit the full execution plan to APDL. Planned completion of the first 1-MW system is expected during 2026.
Offshore Taiwan: In Taiwan, Eco Wave Power signed a first wave energy project sale agreement with I-Ke International Ocean Energy Co., a subsidiary of Lian Tat Co., a maritime engineering company. Under the agreement, I-Ke will locally manufacture the floaters based on Eco Wave Power's design and purchase a turnkey 100-KW conversion unit from Eco Wave Power, which includes hydraulic, electric and automated control components.
I-Ke will oversee the project's local components, including the production of floaters, hydraulic cylinders and all other components of the technology, which are located on the seaside of the marine structure. Additionally, I-Ke is responsible for securing permits, land use approvals and other necessary licenses. By supporting local manufacturing and installation, I-Ke aims to position Taiwan as a regional hub for wave energy technology and lay the groundwork for broader deployment in the Asia-Pacific region.
Since the signing of the agreement, Eco Wave Power has created detailed production sketches for the floaters to be installed in Taiwan.
Offshore India: In February 2025, Eco Wave Power signed a non-binding memorandum of understanding with Bharat Petroleum Corp. Ltd. (BPCL), a government-owned oil and gas company, to jointly develop wave energy projects offshore India, beginning with a feasibility study.
The first phase after the feasibility study will include the deployment of a 100-KW pilot project at BPCL's Mumbai Oil Terminal. BPCL will oversee regulatory approvals, permits and land use consent, while Eco Wave Power says it will provide its wave energy converter technology, conduct research and optimize power generation efficiency.
Eco Wave Power added that the collaboration aligns with India's Ministry of New and Renewable Energy's recognition of ocean energy as a promising renewable resource, with an estimated 40,000 MW of untapped potential along the country's coastline.
Tidal energy project offshore Alaska to power 30M homes
Led by ORPC with funding from the US Department of Energy's Office of Energy Efficiency and Renewable Energy Water Power Technologies Office, the project could power 30 million homes nationwide by river and tidal power. Project partners include ORPC, US Department of Energy and its Alaska-based partners, with support at local, state and federal levels.
ORPC says its hydropower technology is designed to strengthen grid security and resiliency.
Wavepiston gets funding from Dutch investors
The Blue Line is an initiative from investors Connect the Drops, a Dutch investment fund with a focus on the water sector, and Unknown, a Dutch venture capital fund that, among other areas, focuses on investments in the energy transition.
The new funding will be directed toward further technological enhancements, system validation in real-world environments and the establishment of strategic partnerships to facilitate market entry.
The investment round was supported by Ronald Beuk and Generous Minds.
CorPower awarded funding to scale up its wave energy technology
CorPower Ocean, a developer of turnkey wave energy technology, has been selected as a winner of the European Innovation Council (EIC) Accelerator program, according to a Feb. 17 news release.
The company has been awarded €2.5 million (US$2.7 million) in grant and a pre-commitment of €15 million (US$16.3 million) in equity investment, totaling €17.5 million (US$19 million), to accelerate the commercialization of its wave energy technology.
The EIC Accelerator supports technologies and scaleups across Europe.
CorPower Ocean says its wave energy converters are designed to withstand the harshest ocean conditions while delivering consistent and reliable energy. The EIC funding will enable the company to scale its technology and optimize manufacturing processes to deliver the first commercial wave farm projects that are developed by CorPower Ocean’s customers across Europe.
The company’s approach has also attracted substantial private investments, most recently with a €32 million Series B1 funding round announced in October 2024.
