Ocean Power Technologies (OPTT) moved another step closer to realizing its goal of completing the first commercial scale wave power station in the US. The company has signed a Settlement Agreement with 11 federal and state agencies for its Reedsport, Oregon wave energy project which covers everything from aquatic resources, water quality, recreation, public safety, crabbing and fishing and cultural resources.
The next step for Ocean Power is a license issued by the Federal Energy Regulatory Commission for a 10 Powerbuoy, 1.5MW wave energy system that could potentially power up to 1000 homes. Manufacturing is already underway on the first 150kW PB150 Powerbuoy in Oregon at Iron Works which has contracted to build the Powerbuoys. In addition to the federal license, the company will likely need additional funding as well. No word on when a federal license could be granted, but I’d imagine the stock would pop on that news. The stock isn’t moving as I write this.