Why participate in the Wave Energy Prize? Teams will be competing for more than $2 million in prizes and seed funding.
The prize purses available to the winner(s) of the Wave Energy Prize will be:
- Grand Prize Winner: Team ranked the highest after testing of the 1/20th scale WEC device model at the Carderock MASK Basin – $1,500,000
- 2nd Place Finisher: Team ranked second after testing of the 1/20th scale WEC device model at the Carderock MASK Basin – $500,000
- 3rd Place Finisher: Team ranked third after testing of the 1/20ht scale WEC device model at the Carderock MASK Basin – $250,000
To be eligible to win a monetary prize purse, a team’s 1/20th scale device must achieve a threshold of 3m/$M Average Climate Capture Width per Characteristic Capital Expenditure. The judging panel will rank all teams whose devices achieve the threshold and assess their overall performance using the Hydrodynamic Performance Quality (HPQ), outlined in Section 6 of the Wave Energy Prize Rules.
The Wave Energy Prize will also provide seed funding to the Finalists (up to $125,000) and Alternates (up to $25,000) determined at the end of Technology Gate 2. This seed funding will be provided to the Finalists and Alternates for costs associated with the building of the 1/20th scale model to be tested at the MASK Basin, as well as costs associated with the shipment of the 1/20th scale model and participation in the testing process.