Ocean Power (OPTT) has announced that it has deployed its first 40 KW PowerBuoy under contract with Iberdrola about 3 miles off the coast of Spain which represents an important step in the commercialization of wave energy.  OPT has a tentative deal to develop 9 additional more powerful versions of the buoy over the next year with the goal of eventually created a wave energy farm in the area capable of generating enough energy to power 2500 homes a year

Mark Draper, COO of OPT, said: “This deployment is of great significance to OPT and the wave power industry, demonstrating the commercial potential of our leading technology after a decade of in-ocean experience.”