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Ocean Power Technologies (OPTT) Deploys PowerBuoy At Marine Base, Receives $380K In Funding

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03:44:15 pm on February 1, 2010

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 an additional $380K in funding for the project which I assume is coming from the US Navy. The funding will providing ongoing monitoring and testing of the operation and allow OPTT to continue to improve upon its technologies.  They are collaborating with Sound and Sea Technology on this project who have experience in working with the Navy on ocean engineering projects.

Ocean Power CEO Charles F. Dunleavy commented, “We are very pleased that the enhanced PowerBuoy, which has a more efficient power take-off system, is now operating in the ocean off Hawaii. This latest deployment at the Kaneohe Bay site was achieved quickly and effectively. The development of our core PowerBuoy technology has been accomplished in large part as a result of our relationship with the US Navy over many years. We are most appreciative of the on-going support of the US Navy, and the Congressional delegations of Hawaii and New Jersey.”

It’s been a rough few weeks for OPTT as it has for most green stocks, but the stock is recovering on the news today, up about 8%.

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Ocean Power Tech (OPTT) Signs MOU With Oregon To Develop More Wave Power Along Coast

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09:16:45 am on December 8, 2009

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 in Coos Bay in phases up to 100MW

Oregon Governor Ted Kulongoski commented, “I believe that the Agreement between Oregon and OPT provides a foundation for moving forward in a manner that is respectful of existing ocean uses and values, while helping Oregon transition to an independent renewable energy future. In particular, I welcome OPT as the first commercial developer of wave power stations in Oregon. OPT is investing substantial resources in Oregon and providing expertise to help Oregon achieve its desired goal of becoming a world leader in responsible commercial development of wave energy. The major portion of its wave power stations will be manufactured in Oregon, creating important “green” jobs in this exciting new industry.”

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Ocean Power Tech (OPTT) To Begin Construction On First N. American Commercial Wave Energy System In Oregon

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02:51:11 pm on December 4, 2009

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 Power, has provided some funding for phase one of the project and may purchase some of the electricity for its customers.

OPT CEO Mark Draper commented on the project: “OPT has identified the Oregon Coast as one of the world’s top sources for future wave energy development, and Governor Kulongoski’s leadership has helped to enable the realization of its potential to create green jobs and prosperous coastal communities.  We are committed to responsible development of renewable energy resources, and look forward to playing our part in that positive future.”

Shares of OPTT are flat today and remain considerably bullish on the daily chart.

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Ocean Power Tech (OPTT) Soaring Again On $66 Million Australian Govt Wave Energy Order

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12:00:48 pm on November 6, 2009

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 work in conjunction with Leighton (as a new partnership company called Victorian Wave Partners) to build a wave power station with enough energy to power nearly 10,000 homes.  Construction is set to begin around the middle of next year, but the company has said it will need additional funding to completely finish the project.

CEO George Taylor made the following comment:

“We are delighted to have received this vote of confidence from the Australian Federal Government, which has taken a bold step to spur adoption of renewables and wave energy in particular. Our Victoria, Australia project is expected to be one of the first utility-scale wave energy projects globally, and the latest example of OPT’s lead in turning wave energy technology into a commercial reality worldwide.”

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Ocean Power Technologies (OPTT) Announces Success Of Underwater Networking Solution

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07:08:01 pm on November 3, 2009

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 system has included pressure testing, running power to and from an on shore grid and verifying data communication.

OPTT believes its proprietary, “plug and play” system potentially offers a new revenue stream for the company in addition to the PowerBuoy systems.  Offshore energy projects involve lots of devices that need to be networked and the company believes its system offers a great solution for underwater networking.

Stuart Bower, who led the underwater pod development team, had this to say: “This project has been a true engineering challenge of converting an idea on a “whiteboard” into reality and demonstrates how the Company’s technical base can be used to create valuable intellectual property. Comparable products used in the offshore oil and gas industry do not have the USP’s advantages for higher power capacity, longer life expectancy, fewer moving parts, a passive cooling system, lower cost per MegaWatt, and the ability to accommodate many power generation devices. We are delighted at the potential value the USP can bring to wave power projects and other offshore energy markets.”

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Ocean Power Technologies (OPTT) Expands Lockheed (LMT) Relationship, Shares Soaring 50%

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01:29:56 pm on October 13, 2009

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 official by signing a commercial engineering services agreement to develop OPT’s wave energy system for use in utility scale projects.  Great news for OPTT and the wave energy industry.

Lockheed will provide its expertise in systems integration, manufacturing, test and optimization analysis to bring the PowerBuoy to the next level.

Said OPTT CEO Mark Draper, “The breadth of Lockheed Martin’s expertise, innovation and execution skills will add significant value to our overall delivery capability and assist in pursuing utility-scale wave energy projects.  Their know-how will enhance key aspects of our current product offering, and aid the successful roll-out of our core PowerBuoy technology on the west coast of the U.S.

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Ocean Power Tech (OPTT) To Develop Wave Power In Japan

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08:27:04 am on October 8, 2009

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 first phase is complete the companies will enter into another agreement to build a demo plant with up to 3 PowerBuoy systems.  The ultimate goal will be a commercial scale wave power station with capacity up to 10MW.

Japan has recently announced a goal of a 25% cut in greenhouse gas emissions from 1990 by 2020 and plans to introduce a feed-in tariff soon.

OPT CEO George Taylor, said, “We are delighted to be working with three of Japan’s leading companies in forging a new way forward for wave energy in Japan. As one of the world’s largest economies, with a dense urban population and a coastline almost as long as Canada, Japan plays a significant regional role in promoting technical innovation and clean energy. We look forward to working with this group to make an important contribution to achieving Japan’s targeted reductions in carbon emissions.”

Ocean Power Technologies (OPTT) Continues Surge Off Bottom, Gets $2.4 Navy Contract

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07:57:52 am on October 1, 2009

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 from the US Navy for its PowerBuoy wave energy system.  The Navy will use it in a program aimed to improve anti-terrorism capabilities at sea.  The initial contract is for one year of testing, but may be extended to a four year $15 million contract in the future.  Considering this company does about $3 million in total revenue each year, this contract is a big chunk and a four year contract would send the stock soaring. 

Said CEO Mark Draper, “We are delighted to support the US Navy in its initiatives for improved homeland security and force protection. OPT’s PowerBuoy wave energy conversion system is an important enabling technology for providing power to remote at-sea sensors and communications technologies provided by our partners. In this first contract under the LEAP program, which complements our existing projects with the Navy, we expect to build on our prior experience with the autonomous PowerBuoy by further developing our advanced power take-off systems.”

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Ocean Power Technologies (OPTT) Continues To Surge After Reporting Narrower Loss

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09:38:26 pm on September 10, 2009

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 Mark Draper said: “We made a strong start to our fiscal year with significant progress on our flagship projects, and achieving gross profits on our contracts. The development of our first PB150 PowerBuoy remains on track. We also signed a commitment agreement with the South West Regional Development Agency to make Wave Hub, one of the world`s largest
proposed renewable marine energy projects, a commercial reality. As a result, we continue to look to the future with confidence.”

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Ocean Power Technologies (OPTT) Celebrates Launch of PowerBuoy Wave Energy Off NJ Coast

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09:19:18 pm on August 25, 2009

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 .. and soon. 

It’s a small step, but the company celebrated the launch of its PowerBuoy wave energy system off the coast of New Jersey today and you can’t underestimate the collaboration with Lockheed Martin (LMT) to develop utility scale wave energy systems announced in January.

Said OPTT CFO of the launch in NJ: “This is a celebration of our work in the renewable energy sector and an opportunity to thank the state and federal government for supporting OPT since the very beginning.  As we continue to achieve success in both the national and international markets, OPT is proud to have invented, developed, and grow our operations right here in New Jersey.”

With OPTT bouncing off support of the March lows around 4, it may be an interesting place to make a longer term bet on the company. 

Here’s a nice video showing the technology and a launch of the PowerBuoy in Hawaii.

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