Ocean Power Technologies (OPTT) has successfully deployed one of its PowerBuoy systems at a Marine base in Hawaii as part of an ongoing relationship with the US Navy to test its wave energy technologies. This particular wave energy system is located about a mile offshore in 100 feet of water and is generating power in line with expectations. The press release was a bit unclear about who is providing the funding, but the company announced an additional $380K in funding for the project which I assume is coming from the US Navy. The funding will providing ongoing monitoring and testing of the operation and allow OPTT to continue to improve upon its technologies. They are collaborating with Sound and Sea Technology on this project who have experience in working with the Navy on ocean engineering projects.
Ocean Power CEO Charles F. Dunleavy commented, “We are very pleased that the enhanced PowerBuoy, which has a more efficient power take-off system, is now operating in the ocean off Hawaii. This latest deployment at the Kaneohe Bay site was achieved quickly and effectively. The development of our core PowerBuoy technology has been accomplished in large part as a result of our relationship with the US Navy over many years. We are most appreciative of the on-going support of the US Navy, and the Congressional delegations of Hawaii and New Jersey.”
It’s been a rough few weeks for OPTT as it has for most green stocks, but the stock is recovering on the news today, up about 8%.