News is out that the Senate has extended $18 billion in tax credits for renewable energy sources but it sill needs to be approved by the House which is expected. The energy tax credits are part of a much larger bill, but here is the energy portion:
* Extends for one or two years and expands production tax credits for wind, refined coal, biomass and marine renewables. $5.8 billion.
* Extends through 2016 the investment … Read the rest
Ocean Power Technologies (OPTT), the small company engaged in the development and commercialization of systems that generate electricity by harnessing the power of the ocean waves has reported better than expected results with a loss of .38/share compared to estimates for .40/share on revenues that were double the expectations at 1.77 million. Revenues surged due to an increase in the company’s work on the US Navy utility PowerBuoy Hawaii project.
“We have made a good … Read the rest
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 … Read the rest