The EnergyOcean International Conference & Exhibition was held in Boston June 19-21, and was designed to provide professional resources for the new market. Renewable Energy World reported that CEO of Marine Current Turbines Andrew Tyler provided guidance at the conference to companies looking to dive into ocean energy development.

Tyler said that getting involved can be a “pricey endeavor,” with the proof-of-concept stage adding up to approximately $1 million, the small-scale stage from about $2 million to $5 million and the full-scale prototype stage requiring roughly $15 million to $30 million to fund. He advised companies to look to venture capitalists rather than banks for financial backing, as banks view the risk as too high for investment.

Tyler additionally advised that the key to advancing the ocean energy industry lies in the use of solid technology with minimal risk. He said even the venture capitalists “won’t touch a science experiment.” Other keys to becoming involved in the industry include focusing on reducing costs “down the value chain” through innovation. He suggests partnering with larger green energy companies in order to get the necessary financing, predicting a trend in bigger energy companies diversifying their portfolios by investing in emerging energy sources.