The Energy Department plans to spend $43 million on developing offshore wind-energy projects including 41 research projects in 20 states.
Siemens Energy director of technology policy and research Frank Bevc said his company’s $4.1 million grant will pay greater dividends in the future. “We’re looking at a product that’s maybe 10 years from now and a return on investment for a project 10 years out is kind of tough, ” said Bevc.
“The partnership with DOE is something we very much value, ” he noted.
“The U.S. has an abundant offshore wind resource that remains untapped, ” said Energy Department Secretary Steven Chu. Chu added that the federal financing will “enhance our energy security, and create new clean energy jobs.”