Ocean Power Technologies just announced that it has been granted GBP 1.5 million by the South West of England Regional Development Agency to develop a new, improved 500 KW PowerBuoy.

Ocean Power Technologies will collaborate with A&P Falmouth and the Peninsula Research Institute for Marine Renewable Energy on the new PowerBuoy design, increasing output from 150kw to 500kw and making other improvements.

In a press release, Angus Norman, Chief Executive Ocean Power Technologies, Ltd., commented on the award:

“This award is a mark of the commitment and strong relationships among OPT, its partners and SWRDA to establish the South West of England as one of the world’s leading centers for marine energy with the Wave Hub as its focal point. It will enable OPT to accelerate the development of its next generation PowerBuoy, which we believe will be competitive in large production volumes with fossil fuel-based energy. It also will help to boost Britain’s renewable sector in the long term.”