Pennington, N.J., April 12, 2010 — Ocean Power Technologies won a $1.5 million award from the Department of Energy for the development of the PowerBuoy wave power system.
In addition, the technology development effort will focus on increasing the power extraction efficiency and a “Design-for-Manufacture” approach, which aims to achieve lower installed capital and energy costs that are expected to be competitive with energy based on fossil fuels.
CEO Charles F. Dunleavy said: “OPT‘s program of work under this award is in accord with the Department of Energy’s objectives to increase the use of domestic marine resources for electric power generation and to enhance energy security, while improving the environment. OPT and its partners share these goals and are committed to dealing constructively with the challenges of climate change. We appreciate the DOE’s confidence in our technical capabilities to commercialize wave power further.”
This is the second award to OPT by the DOE. In 2008, OPT received $2.0 million to provide funding for the construction of a PB150 PowerBuoy to be deployed in connection with the company’s project at Reedsport, Oregon.
Issued to OPT under a competitive process, this latest award was made in support of renewable water power technologies. The DOE is seeking to advance the commercial viability, market acceptance and environmental performance of marine and hydrokinetic technologies.
Work under the award will be performed on an equal cost-sharing basis over a two-year period, subject to full expenditure authorization and incremental funding by the DOE.
Ocean Power Technologies, Inc. is a pioneer in wave-energy technology that harnesses ocean wave resources to generate reliable, clean and environmentally-beneficial electricity. OPT participates in a $150 billion annual power generation equipment market.