The U.S. Department of Energy is making up to $7.5 million in funding available to support marine power technologies.

The DOE said it's looking to partner with U.S. industry and universities to develop innovative and effective technologies capable of harnessing water power energy resources, including ocean wave, tidal, current and other water-based resources.

"Using environmentally responsible technologies, we have a tremendous opportunity to harness energy produced from ocean waves, tides or ocean currents, free flowing water in rivers, and other water resources," said Andy Karsner, the DOE's assistant secretary for energy efficiency and renewable energy (want to see Karsner in action? Watch Andy Karsner at San Francisco Cleantech Forum XVI.)

The energy department said successful industry-led applicants would be required to develop collaborative project teams involving at least one other industry, university or national laboratory partner and that a minimum 50 percent non-federal cost share is required.

For university-led groups, the DOE said it expects the research to include technology testing, experimental and numerical modeling, wave forecasting, environmental impacts, and corrosion-resistant materials research.

The department said it anticipates selecting up to 17 awards, and projects are expected to begin in fiscal 2008. The continuation of projects beyond fiscal 2008 is subject to Congressional appropriations, according to the DOE.

The amount of funding is dwarfed by other initiatives in marine power.

Earlier this year, Ireland announced a push for tidal and wave power with a $38 million initiative for research and facilities and a new feed-in tariff (see Ireland launches marine power initiative)

And individual marine power companies have been landing larger and larger rounds from private investors. For instance, U.K. wave power developer OreCon raised €12 million in venture capital funding just over a month ago (see Cleantech cash goes in all directions.)