Ocean Power Technologies gets grant for wave energy buoy
Ocean Power Technologies Inc. on Monday said it has won a $1.5 million federal grant to develop the next generation of wave energy buoy.
Pennington, N.J.-based Ocean Power (NASDAQ: OPTT), a developer of wave energy technology, said the grant from the U.S. Department of Energy will be used to increase the power output of its PowerBuoy device from 150 kilowatts to 500 kilowatts.
The effort will also focus on increasing efficiency while achieving lower installed capital and energy costs to keep the technology competitive with fossil fuels.
It’s the second DOE grant awarded to Ocean Power.
The first, a $2 million award, came in 2008 to build a PowerBuoy for the company’s wave energy project in Reedsport, where it plans to develop a 10-buoy, 1.5 megawatt wave energy system off the Oregon Coast.
The company in December selected Clackamas-based Oregon Iron Works to begin work on the electricity-generating buoys.
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