Ocean Power Tech (OPTT) Gets Grant For Wave Energy Project In Spain

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10:16:02 pm on March 3, 2010

Ocean Power Technologies (OPTT) received a EUR2.2 million grant from the European Commission to deploy a PowerBuoy wave energy device as part of the WavePort project in Spain.  OPTT will be responsibly for the PowerBuoy as well as the underwater pod and will be working closely with the Wave Energy Centre (Portugal), Fugro Oceanor (Norway), DeGima (Spain) and the University of Exeter (UK).

OPTT’s proprietary technologies allow for wave by wave tuning to optimize efficiency.  The U of Exeter will help out in wave prediction analysis while Fugro will provide wave monitoring equipment to collect and transmit data to further enhance efficiency. 

OPTT CEO Charles Dunleavy commented:  “This award by the European Commission is a springboard for OPT to further develop our Spanish project and to demonstrate the commercial performance of the PowerBuoy’s proprietary and innovative tuning system. We would like to thank the Commission for this award and we look forward to working with our Consortium partners and the EC to deliver this exciting new PowerBuoy project.”

Shares of OPTT were up a few percent today and holding in around support of the 200 day moving average.

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