Ocean Power Technologies (OPTT) Wins More DOE Funding ($4.8 Million)

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02:40:00 pm on September 13, 2010

Ocean Power Technologies (OPTT) announced today two additional grants from the DOE totaling $4.8 million to help to continue to advance its research into wave energy systems and put the finishing pieces in place for the country’s first commercial wave energy plant in Reedsport, Oregon.

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CEO Charles F. Dunleavy commented: “These awards are another significant step in a global drive to make wave power a commercial reality. OPT’s programs of work under these awards are in accord with the Department of Energy’s objectives to help develop innovative technologies that contribute to the clean energy economy. The funds will help OPT to accelerate the commercialization of our PB150 wave power stations in the US and facilitate the development of our 500 kilowatt-rated PowerBuoy technology. We appreciate the DoE’s continued support of OPT’s programs to harness wave power as a major source of renewable energy.”

Shares of OPTT aren’t moving on the news today and down about 1%, but it appears ithey may be ready to turn the corner after a steep decline in 2010.  The stock made a strong move with good volume Friday, getting back above the 50 day moving average.

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