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Ocean Power Technologies (OPTT) Reported Increasing Losses
Yesterday, Ocean Power Technologies (OPTT), reported a wider loss in fiscal year 08 despite a surge in revenues (although quarterly revenues have been decelerating over the past 2 quarters). The net loss widened to 14.66 million on revenues of 4.77 million from 9.64 million in the previous year on revenues of 2.53 million.
Ocean Power is certainly pinning its hopes on the success of the PowerBuoy wave energy system which it is putting quite a bit of money in to develop that. Revenue growth projects included an ongoing Hawaii project for the US Navy, the 1st phase of a 1.39MW wave power station off the coast of Spain and the OPT wave power station in Orkney, Scotland.
George Taylor, Chief Executive Officer, said, “We are also delighted to announce that we have begun production of what we believe to be the first utility-grade underwater substation, or pod, for wave power. The pod will serve as the point at which energy generated by multiple PowerBuoys is aggregated prior to being transmitted ashore.”
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