Washington, DC, Feb 02, 2010 -- M2 PRESSWIRE

President Obama's FY'2011 Budget proposal includes $40.5 million in funding for marine and hydrokinetic renewable energy-an increase of $10.5 million over the $30 million proposed by the President in FY'2010. The 40.5 million budget request includes marine and hydrokinetic (MHK) system testing, MHK device and component design and development, as well as some feasibility studies for capacity and efficiency upgrades at conventional and non-powered dams.

"This is a clear example of our executive and legislative branches beginning to align their priorities in support of ocean renewable technologies. Power captured from waves, tides, ocean currents and thermal differentials, are poised for commercial application in the U.S." stated Sean O'Neill, president of the Ocean Renewable Energy Coalition. "It makes sense to generate power from local renewable resources-and our waves and tides place electricity generation near the largest population centers where clean, renewable power is greatly needed. Moreover, diversity of energy supply resources remains the foundation for a reliable energy portfolio. The ocean renewable community salutes the President's leadership and his vision of our future energy needs." he added.

Find more at: www.oceanrenewable.com

CONTACT: Sean O'Neill Tel: +1 301 869 3790 Carolyn Elefant Tel: +1 202 297 6100

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