A proposal to generate electricity from wave energy has been awarded $760,000 under the government's Marine Energy Deployment Fund, the Energy Efficiency and Conservation Authority announced today.

The WET-NZ project put forward by Power Projects Ltd and Industrial Research Ltd is the second project to gain funding under the $8 million fund.

"New Zealand has some of the best marine energy resources in the world. This fund is a way of finding out how we can make the most of that resource," EECA chief executive Mike Underhill said.

A vineyard producing premium quality wine, the largest geothermal development in 20 years and a felted carpet maker whose products are bought by Hollywood's A list are all finalists competing for top honours in the 2009 Awards for excellence and innovation in energy efficiency and renewable energy.

Everyday, innovative Kiwis across the country are implementing energy efficiency and renewable energy projects that help their organisations to reduce costs, improve productivity and improve their brand credentials through lower greenhouse gas emissions - something that is even more important

A new funding pilot for heat pump water heating will test another choice of efficient water heating for consumers, the Energy Efficiency and Conservation Authority's chief executive Mike Underhill said today.

"Heat pump water heaters are an established technology overseas which can provide another way for New Zealand homes and small businesses to reduce their energy costs," Mr Underhill said.