The US Navy continues to invest in the wave energy technologies of Ocean Power Technologies (OPTT) as part of their anti-terrorism and maritime surveillance program. The new award follows the successful completion of the first stage of a four-year $15.0 million project for the US Navy’s Littoral Expeditionary Autonomous PowerBuoy (LEAP) program during which OPT successfully completed delivery of the design and testing of a new power take-off system for its PowerBuoy wave energy system. … Read the rest
Tag Archives: powerbuoy
Ocean Power Technologies (OPTT) Wins $1.5 Mill DOE Grant For Next Gen PowerBuoy
Ocean Power Technologies (OPTT) has won a $1.5 million grant from the DOE to help develop the next generation PowerBuoy wave energy system, capable of producing more than triple the power of the current PowerBuoy system and with a much lower installation cost. The company received its first DOE grant in 2008 to help with the project in Reedsport, Oregon.
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CEO Charles Dunleavy commented: “OPT’s … Read the rest
Ocean Power Tech (OPTT) Gets Grant For Wave Energy Project In Spain
Ocean Power Technologies (OPTT) received a EUR2.2 million grant from the European Commission to deploy a PowerBuoy wave energy device as part of the WavePort project in Spain. OPTT will be responsibly for the PowerBuoy as well as the underwater pod and will be working closely with the Wave Energy Centre (Portugal), Fugro Oceanor (Norway), DeGima (Spain) and the University of Exeter (UK).
OPTT’s proprietary technologies allow for wave by wave tuning to optimize efficiency. … Read the rest
Ocean Power Technologies (OPTT) Deploys PowerBuoy At Marine Base, Receives $380K In Funding
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 … Read the rest
Ocean Power Tech (OPTT) To Begin Construction On First N. American Commercial Wave Energy System In Oregon
Ocean Power (OPTT) is announcing that it will begin construction on the first North American commercial wave energy system in Oregon and has selected Oregon Iron Works of Clackamas to build the system off the Oregon coast in Reedsport.
Construction of the first PowerBuoy wave energy system represents phase one and phase two will involve the build out of the final 9 systems which is expected to generate 1.5MW of electricity. Regional power company PNGC … Read the rest
Ocean Power Technologies (OPTT) Announces Success Of Underwater Networking Solution
Ocean Power Technologies (OPTT) has been running its Underwater Substation Pod through trials in Spain as part of a contract with Iberdrola Marinas de Cantabria and the company announced early this morning that it’s been a success. The underwater pod was developed to facilitate the collection, networking and transforming of power and data generated by its wave energy generating PowerBuoy systems in order to transmit it to an onshore electrical grid. Testing of the … Read the rest
Ocean Power Technologies (OPTT) Continues Surge Off Bottom, Gets $2.4 Navy Contract
On Aug 25th I mentioned that OPTT was offering a mighty compelling spot to add a long term position around 4 based on previous support and the progression of its PowerBuoy system.. not to mention this is one of the few green stocks that hasn’t had a run this year. The stock is up 20% since then and I don’t think it’s done yet.
This morning, the company is announcing a new $2.4 million contract … Read the rest
Ocean Power Technologies (OPTT) Celebrates Launch of PowerBuoy Wave Energy Off NJ Coast
One green stock nobody is talking about is Ocean Power Technologies (OPTT), which remains in a nasty downtrend. Just about every other green stock has seen its stock surge this year.. from Rentech (RTK) with its jet biofuel to Capstone (CPST) with its microturbines to the solars and lithium battery companies. Nearly all have rocketed higher. Poor old OPTT remains mired in the abyss of a record low stock price. Perhaps that may change .. … Read the rest
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