Ocean Power Technologies just announced that they have appointed Dr. Phil Hart as the company’s Chief Technology Officer. As part of his new position, Dr.Hart will help lead Ocean Power in the development of new and improved PowerBuoy technology and lead additional research projects on wave energy. Before joining Ocean Power Technologies, he worked on research and development for Global Marine Systems. He also has an extensive background in marine technology and engineering. Mark R. … Read the rest
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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 Tech (OPTT) Reports Wider Loss, But Increasing Staff
Ocean Power Tech (OPTT), a wave energy upstart reported earnings this morning well below analyst estimates. While the company reported a record order book, rising from 3.7 million last year to 8 million this year, the interim losses mounted due to higher costs as the company continues to pour money into research.
OPTT posted revenues of $700K which is significantly lower from the year ago quarter when it posted 1.7 million. They attributed the lack … 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