A Shift in the Energy Market: Exploring Alternative Marine Energy Sources

Brace for impact: a tidal wave of innovation is rising.

Hydropower is one of the largest and oldest renewable energy sources globally. According to the U.S. Department of Energy, hydropower accounts for 27% of the total utility-scale renewable electricity generation in the country. It’s no surprise that emerging technologies continue to harness ocean energy, as it’s a promising alternative.

Tidal and wave energy are among the emerging innovations transforming the hydropower sector. In parallel, algal biofuel is gaining attention as a promising marine-based energy source, offering a sustainable alternative to conventional fuels.

In this article, we take a closer look at these alternative energy sources and explore their potential, benefits, and the challenges they face in the energy sector.

Inside Tidal Energy

A form of emerging renewable energy, tidal energy harnesses ocean waves to generate electricity. There are two main methods of harnessing tidal energy: tidal barrages, similar to hydroelectric dams, and rotating turbines connected to a generator.

Tidal barrages work like underwater dams, capturing incoming tides to generate power as water flows through turbines. Tidal turbines, on the other hand, operate similarly to wind turbines, except they are placed on the ocean floor.

Understanding Wave Energy

Enormous energy forms as wind blows over the ocean waves, which has the potential to generate electricity. According to the U.S. Energy Information Administration (EIA), in 2023, the United States coasts had an estimated theoretical annual wave energy potential equal to about 63% of total U.S. utility-scale electricity generation, underscoring wave energy’s potential.

A variety of methods and technologies for capturing wave energy are currently in development. These include surface or below-the-surface flotation devices that move with the waves, as well as systems anchored to the ocean floor. Some approaches use catch basins or reservoirs similar to traditional hydropower dams.

Behind Algal Biofuel

Algal biofuel, derived from microalgae, is a promising alternative to fossil fuels. All algae can produce energy-rich oils, and certain microalgal species naturally accumulate high oil content relative to their dry biomass, making them well-suited for biodiesel production.

Compared to other biofuels, algal biofuels offer significant advantages: they require less land and can help remediate waste streams, making them both efficient and environmentally sustainable.

The world is transitioning to a low-carbon future, and it’s made possible with renewable energy. Renewable energy allows electricity generation to be almost completely decarbonized. This feature is essential as the forecasted global demand for electricity climbs higher every year, with developing countries accounting for 85% of the global demand.

Global sustainability efforts are varied, but many countries are now turning to intensive and renewable energy, as seen by the rapid acceleration of the generation capacity of various renewable energy sources, from solar to wind and hydropower.

However, tidal and wave energy come with challenges. One of the most significant factors is production cost. Commercial tidal energy production is estimated to range from $130 to $280 per megawatt-hour, which is considerably higher than that of wind energy.

One of the key challenges in wave energy is its non-linear behavior, which complicates system optimization. Additionally, the output performance is dependent on the architecture used to harness wave energy.

Technical and legislative challenges are also headwinds in establishing a market in either tidal or wave energy.

Meanwhile, high production and harvesting costs are among the reasons behind the lack of algal biofuel production. Combined with the difficulty of maintaining the algal species needed, commercial algal biofuel production remains a limited venture.

Despite the challenges, many breakthroughs are making alternative energy commercially possible. Several companies and projects in the works continue to develop and progress tidal and wave energy technologies.

Eco Wave Power is one of the emerging companies leading in wave energy innovations. The company recently completed production of all floaters for its first U.S. wave energy project—an important milestone that reflects the growing momentum and investment interest in the sector.

The pilot project, located at the Port of Los Angeles, is set to officially launch in September. It will not only mark Eco Wave Power’s entry into the U.S. market but also support its global expansion plans, with additional projects planned in Europe and Asia.

Other companies and projects marking their place in the alternative energy source sector include:

• Orbital Marine Power in Scotland has successfully deployed a tidal energy system through a 600-ton turbine anchored in the Orkney Islands and is now generating clean power for the local grid.
• Verdant Power has several tidal and hydrokinetic projects in the U.S., including the  Roosevelt Island Tidal Energy (RITE) project.
• Algal biofuel companies, such as Cellana, are developing proprietary algae-based bioproducts, including biodiesel.

Alternative energies are gaining momentum as the world moves toward sustainable solutions. Green initiatives like the circular economy and renewable energy are just a few strategies in the fight against climate change.

As we transition to a more sustainable future, supporting companies that are driving innovation in clean energy, such as those advancing tidal energy, is more important than ever.

These organizations are not only contributing to global low-carbon emission goals but also shaping a modern and sustainable future. By backing these efforts, we all contribute to meaningful and lasting change.