ASP Board Member Norm Augustine Testifies on Energy Innovation
On of ASP’s Board Members, Norman Augustine, testified this morning (Tuesday May 22) before the Senate Energy and Natural Resources Committee on the American Energy Innovation Council’s Report, “Catalyzing American Ingenuity: The Role of Government in Energy Innovation.”
Mr. Augustine noted in the hearing that energy faces two “Valleys of Death” – the first where new energy technologies move from R&D to commercialization, and then when moving from small-scale to large scale. The second, he noted, is unique to the energy sector because you have such a strong incumbent energy sector that benefits from significant already-built infrastructure.
He said that these “Valleys of Death” show why government investment is necessary in promoting technology development. It also is a reason that government must accept some level of failures, because these really are unknown technologies.
Watch the full hearing on the Senate Energy and Natural Resources Committee website here.
