Tag Archives: ocean power technologies

Ocean Power Technologies (OPTT) & Lockheed Martin Announce Wave Energy Collaboration

A letter of intent has been signed this morning between Lockheed Martin (LMT) and wave energy startup Ocean Power Technologies (OPTT) to collaborate in the development of utility scale wave energy in North America.  OPTT would provide site development and its PowerBuoy technology while Lockheed Martin would provide construction, systems integration, operation and maintenance services.  The two companies have worked together before on maritime surveillance for the Dept of Homeland Security but this marks  the … Read the rest

Ocean Power Technologies (OPTT) Launches PowerBuoy In Hawaii

Ocean Power Technologies (OPTT) announced last week that it has installed its 3rd PowerBuoy wave energy system in Hawaii near the Kaneohe Bay on the island of Oahu as part of an ongoing partnership with the US Navy.  OPTT monitors its PowerBuoy systems in New Jersey in  real time with the use of onboard sensors, but the PowerBuoy has the ability to adjust automatically in changing sea states to produce the most amount of wave … Read the rest

US Navy To Test PowerBuoy From Ocean Power Technologies (OPTT)

The US Navy is testing a specially designed PowerBuoy from Ocean Power Technologies off the coast of New Jersey, the Wall Street Journal announced. The PowerBuoy, which generates electricity from ocean waves, will be used to power offshore sensors. According to the article, these sensors could be used for "vessel tracking for homeland security, tsunami warning systems, ocean observing systems, and off-shore aquaculture."

The PowerBuoy is expected to be lowered into the ocean Friday, about … Read the rest

Ocean Power Technologies (OPTT) Deploys First PowerBuoy In Spain

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 … Read the rest

Ocean Power Technologies (OPTT) Reports Better Than Expected Earnings

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

Ocean Power Technologies (OPTT) Reported Increasing Losses

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