Ocean Power Technologies (OPTT) has won a $1.5 million grant from the DOE to help develop the next generation PowerBuoy wave energy system, capable of producing more than triple the power of the current PowerBuoy system and with a much lower installation cost. The company received its first DOE grant in 2008 to help with the project in Reedsport, Oregon.
CEO Charles Dunleavy commented: “OPT’s program of work under this award is in accord with the Department of Energy’s objectives to increase the use of domestic marine resources for electric power generation and to enhance energy security, while improving the environment. OPT and its partners share these goals and are committed to dealing constructively with the challenges of climate change. We appreciate the DoE’s confidence in our technical capabilities to commercialize wave power further.”
Technically, OPTT still looks quite bullish on the daily chart and continues to hold above the 200 day moving average. A breakout above 7.69 would be very bullish. Shares aren’t moving much on the news today, up fractionally.