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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