Surf this: The potential market for wave energy — electricity generated by offshore turbines — is worth a staggering $1 trillion worldwide, according to the World Energy Council, a nonprofit research organization. In the United States alone, wave technology could supply 6.5 percent of the nation’s energy. No wonder, then, that startups are rushing to stake claims before someone else drops in on the best waves. So far, most of the action is taking place overseas, where government incentives and greenhouse gas limits are creating oceans of opportunity. Take the Aguçadoura pilot project in Portugal. This fall, Ocean Power Delivery of Edinburgh, Scotland, will begin sending electricity to 1,500 homes on Portugal’s north coast from a wave farm floating three miles offshore. World’s first carbon-free city The project combines OPD’s advanced Pelamis technology (see diagram) with a regulatory insider — in this case, the local utility — all funded by private investors. The project is expected to eventually power 15,000 households. ‘The ocean offers a massive energy resource that’s virtually untapped,’ says Max Carcas, OPD’s business development director. U.S. energy experts agree. ‘The natural processes of the ocean produce a denser, more concentrated form […]