Ocean Power Technologies (OPTT) has successfully deployed one of its PowerBuoy systems at a Marine base in Hawaii as part of an ongoing relationship with the US Navy to test its wave energy technologies. This particular wave energy system is located about a mile offshore in 100 feet of water and is generating power in line with expectations. The press release was a bit unclear about who is providing the funding, but the company announced … Read the rest
Category Archives: Wave Energy
Ocean Power Tech (OPTT) Signs MOU With Oregon To Develop More Wave Power Along Coast
Just a few days ago Ocean Power Technologies (OPTT) announced it was building the first N. American commercial scale wave energy system for use in Reedsport, Oregon. This morning, the company is announcing it has signed a memorandum of understanding with the State of Oregon to put in motion a strategy for developing additional wave energy projects along the coast of Oregon. The company is already studying the feasibility of building a wave power plant … Read the rest
Ocean Power Tech (OPTT) To Begin Construction On First N. American Commercial Wave Energy System In Oregon
Ocean Power (OPTT) is announcing that it will begin construction on the first North American commercial wave energy system in Oregon and has selected Oregon Iron Works of Clackamas to build the system off the Oregon coast in Reedsport.
Construction of the first PowerBuoy wave energy system represents phase one and phase two will involve the build out of the final 9 systems which is expected to generate 1.5MW of electricity. Regional power company PNGC … Read the rest
Ocean Power Tech (OPTT) Soaring Again On $66 Million Australian Govt Wave Energy Order
Ocean Power Technologies (OPTT) has just released big news yet again and the stock is soaring another 30%. The company has a received a $66.5 million grant from the Australian government to build a 19MW wave energy project off the coast of Victoria. Over 30 applications were submitted to the government and just four were approved, including the OPTT project. It’s the only wave energy project approved so big news for Ocean Power. They will … Read the rest
Ocean Power Technologies (OPTT) Announces Success Of Underwater Networking Solution
Ocean Power Technologies (OPTT) has been running its Underwater Substation Pod through trials in Spain as part of a contract with Iberdrola Marinas de Cantabria and the company announced early this morning that it’s been a success. The underwater pod was developed to facilitate the collection, networking and transforming of power and data generated by its wave energy generating PowerBuoy systems in order to transmit it to an onshore electrical grid. Testing of the … Read the rest
Ocean Power Technologies (OPTT) Expands Lockheed (LMT) Relationship, Shares Soaring 50%
Back in January, we posted about the news of Lockheed (LMT) and Ocean Power (OPTT) signing a letter of intent to develop utility scale wave energy systems together. That relationship moved to the next step this morning and shares of Ocean Power (OPTT) are soaring on the news, up over 50% just a few minutes ago. It appears OPTT is no longer a green stock cellar dweller!
This morning the two companies made it … Read the rest
Ocean Power Tech (OPTT) To Develop Wave Power In Japan
Ocean Power Technologies (OPTT) is taking its PowerBuoy wave energy system to Japan for the first time. This morning the company is announcing that it has signed an agreement with three Japanese companies to develop a demo wave power station and will join the Tokyo Wave Power Initiative committee.
The first phase of the project will involve working to raise awareness of wave power in Japan and to identify favorable wave energy sites. Once the … Read the rest
Ocean Power Technologies (OPTT) Continues Surge Off Bottom, Gets $2.4 Navy Contract
On Aug 25th I mentioned that OPTT was offering a mighty compelling spot to add a long term position around 4 based on previous support and the progression of its PowerBuoy system.. not to mention this is one of the few green stocks that hasn’t had a run this year. The stock is up 20% since then and I don’t think it’s done yet.
This morning, the company is announcing a new $2.4 million contract … Read the rest
Ocean Power Technologies (OPTT) Continues To Surge After Reporting Narrower Loss
Ocean Power Technologies (OPTT) looks mighty close to putting in a bottom after testing the March lows in recent days and surging with volume again today after it reported a narrower loss yesterday morning. While revenues came in 27% lower than the year ago period at $1.3 million, the company reported a narrower loss of .21/share. Traders seemed to like the report, bidding up the stock nearly 20% in the past two trading days.
CEO … Read the rest
Ocean Power Technologies (OPTT) Celebrates Launch of PowerBuoy Wave Energy Off NJ Coast
One green stock nobody is talking about is Ocean Power Technologies (OPTT), which remains in a nasty downtrend. Just about every other green stock has seen its stock surge this year.. from Rentech (RTK) with its jet biofuel to Capstone (CPST) with its microturbines to the solars and lithium battery companies. Nearly all have rocketed higher. Poor old OPTT remains mired in the abyss of a record low stock price. Perhaps that may change .. … Read the rest