Ocean Power Technologies (OPTT) Connects Wave Energy To Grid For 1st Time In US

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08:25:10 am on September 27, 2010

optt powerbuoy A big wave energy milestone has  been reached here in the US.  Ocean Power Technologies(OPTT) has for the first time in US history successfully completed the connection of a wave energy device to the energy grid.  The PowerBuoy was connected to the grid with the help of the US Navy at a Marine base in Hawaii.

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Charles F. Dunleavy, Chief Executive Officer of OPT, said, “OPT has been ocean-testing its technology in the Atlantic and Pacific Oceans for several years. Our engineers and marine operations personnel have worked hard to bring about this success. Grid connection is another significant milestone in demonstrating the potential for commercial status of our PowerBuoy technology. We thank the Navy and the Naval Facilities group for supporting this project as we move nearer to achieving their goals for the program. We are pleased to be a part of the renewable energy initiatives undertaken by the commander of Marine Corps Base Hawaii.”

Shares of OPTT are trading higher about 3% in pre-market trading and continue to look increasingly bullish in recent weeks.  It kicked off support of the 50 day moving average on Friday and may be poised for another leg higher.

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