Ocean Power Technologies (OPTT) Completes Next Gen Wave Energy Buoy

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11:23:01 am on February 28, 2011

Ocean Power Technologies (OPTT) announced this morning that it has completed its next generation wave energy device, the PowerBuoy 150.  The buoy with peak power output of 150kW (enough to power 150 homes), was built in Scotland and is currently being prepared for ocean trials off the coast of Invergordon.  A 2nd PowerBuoy is being built in Reedsport, Oregon and the company is pursuing financing for commercial utilization once the trials are complete.

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PB150 PowerBuoy, first of a new generation of wave power devices built by Ocean Power Technologies.  ...

Charles F. Dunleavy, Chief Executive Officer of OPT, said: “The completion of the first PB150 in the UK is a major engineering achievement for OPT and also begins an important new chapter in the Company’s commercialization strategy. The PB150 structure and mooring system has already received independent certification from Lloyd’s Register, as announced last month. The new device is intended to become OPT’s first “workhorse” for utility-scale projects, and embodies the Company’s strong track record in innovation and in-ocean development of wave power systems as a source of clean, renewable energy. With construction of the second PB150 well underway in Oregon, USA, we are very proud of reaching this milestone and look to the future of utility-scale wave energy with increasing confidence.”

Shares are up modestly today and continue to hold around key support in the $4.75 – $5.00 range.  Perhaps it’s a compelling entry down here, but this is still a development stage company with no profit so carries considerably more risk.  However, It is really the best way to play wave energy in the US market and to my knowledge (unless there is a pink sheet available) the only way. 

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