Just as the state should be careful how it cuts spending (see
this week’s lead editorial, on RIte Care), it must also take great care not to limit investments that will pay off in the long run.
The last time Energetech was in the news, it was stalled out in the water off Point Judith. The Australian developer of wave energy electricity generators was hoping to run a pilot program, but found itself constrained by Federal Energy Regulatory Commission rules that would have made the cost prohibitive.
Thankfully, the R.I. Office of Energy Resources is stepping in to help the company make the pilot a go, and as a side benefit, Energetech is negotiating to build a manufacturing facility for the generators either in Quonset Business Park in North Kingstown or at the Port of Providence.
A little more than two years ago, the state committed nearly a quarter of a million dollars to Energetech, and there is no doubt that more investment will be needed to help the company bring its promising technology and manufacturing jobs to the Ocean State.
There are no guarantees in the renewable energy field, but given its track record around the world, Energetech has the potential to hit a home run here. If clear-sighted analysis shows that it is a good risk, the state should be willing to ante up.
