Blue Ocean Energy Innovation Act of 2024

This bill provides for the research and development of blue energy technologies , which are technologies that (1) derive or generate energy from renewable energy resources or capture, remove, and sequester greenhouse gases; and (2) are located in aquatic environments. Specifically, the Department of Energy (DOE) must establish and implement the Integrated Blue Economy and Blue Energy Technologies Program to provide funding for research and development of such technologies for purposes such as increasing blue energy technology generation capacity while reducing the cost to produce such energy; improving performance of blue energy technologies; capturing, removing, and sequestering greenhouse gases; developing new blue energy technology market opportunities; promoting job creation in the blue energy technology sectors; remediating and improving coastal and aquatic ecosystems; and addressing technical and development challenges that are unique to operating in marine and freshwater environments. DOE must establish a Blue Economy Center of Excellence to support the program. The center must be located at an existing DOE National Laboratory that is working to develop blue energy technologies, hosts a blue energy technology research and development program, and has other specified qualifications. In carrying out the bill, DOE must coordinate with (1) other federal agencies that share mission objectives with the program; and (2) state and tribal agencies, institutions of higher education, nonprofit research institutions, and National Laboratories.