Ocean Power Tech (OPTT) To Begin Construction On First N. American Commercial Wave Energy System In Oregon

Ocean Power (OPTT) is announcing that it will begin construction on the first North American commercial wave energy system in Oregon and has selected Oregon Iron Works of Clackamas to build the system off the Oregon coast in Reedsport.

Construction of the first PowerBuoy wave energy system represents phase one and phase two will involve the build out of the final 9 systems which is expected to generate 1.5MW of electricity.  Regional power company PNGC Power, has provided some funding for phase one of the project and may purchase some of the electricity for its customers.

OPT CEO Mark Draper commented on the project: “OPT has identified the Oregon Coast as one of the world’s top sources for future wave energy development, and Governor Kulongoski’s leadership has helped to enable the realization of its potential to create green jobs and prosperous coastal communities.  We are committed to responsible development of renewable energy resources, and look forward to playing our part in that positive future.”

Shares of OPTT are flat today and remain considerably bullish on the daily chart.

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One thought on “Ocean Power Tech (OPTT) To Begin Construction On First N. American Commercial Wave Energy System In Oregon”

  1. One of the most interesting technologies, (for the production of energy from waves) uses a new project produced by K.I. Energy ( info@kienergy.co.kr ) the new system, product in Korea, (presented to “Korea Green Energy Show” in Seoul- October 13 – 16, 2009, based in Busan, Republic of Korea, a city of six million people, facing the Pacific Ocean), produces for 1 Kmq of the sea surface, or ocean, at least 1 GW or more, (instant, 24 GW per day, GW 8.760 – year), production equal to 1 nuclear reactor of a 1GW, operating at 100 % throughout the year, which produces 8.7 TW, but without the drawbacks of nuclear power. This new company does not sell systems, the company sell energy and can be contacted by governments or companies producing or distributing energy.
    Best regards, Piccinini G. Raoul.

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