Ocean Power Technologies nabs $1.2 million grant

Warwick, UK, Feb. 22, 2007 — Ocean Power Technologies, Inc. (OPT) announced that its wholly owned subsidiary Ocean Power Technologies Ltd. (OPT Ltd.) has been awarded a grant of $1.2 million through the Scottish Minister’s Wave and Tidal Energy Support Scheme managed by the Scottish Executive.

OPT Ltd. was awarded the grant for the construction, installation and in-ocean demonstration of OPT’s latest 150kW PowerBuoy design, the PB150. Under the project, the PB150 PowerBuoy will be installed at the European Marine Energy Centre (EMEC) on Orkney, Scotland where it will be grid connected through one of EMEC’s wave energy berths. The PB150 is designed to generate electricity by harnessing the energy of ocean waves.

The PB150 is the latest in OPT’s PowerBuoy product offering. Once fully demonstrated at EMEC, the company intends to deploy the PB150 in projects currently under development in Spain, Southwest England, France and the USA, as well as for projects the company is looking to develop in Scotland and other countries.

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