Ocean Power Technologies touts $6M Oregon investment

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Ocean Power Technologies awarded $6 million in contracts to Oregon companies in preparation for deployment of wave energy buoys off the coast of Reedsport.

Ocean Power Technologies Inc. (Nasdaq: OPTT) announced Wednesday that it has awarded four major contracts to Oregon companies to support its wave energy deployment off the coast of Reedsport, to the tune of $6 million in total.

OPT also estimates the contracts will save or create up to 100 jobs.

The Pennington, N.J.-based company is at the vanguard of Oregon's wave energy industry, planning to test its PowerBuoy technology later this year and following it up with the first U.S. commercial-scale wave power station consisting of up to nine additional buoys and grid-connection infrastructure.

In 2009, OPT announced an initial contract with Oregon Iron Works for fabrication work on the PowerBuoy. That contract has been expanded.

In addition, the following companies are receiving work from OPT:

• American Bridge Manufacturing of Reedsport will manufacture floats and tow-out fixtures.

• Cascade General, a subsidiary of Vigor Industrial LLC of Portland, will perform the final assembly of the buoy and position it in the Columbia River for towing to the coast.

• Sause Bros. Inc, of Coos Bay, a marine transportation company, will tow the buoys from Portland and work on mooring lines and anchors at the Reedsport site.

"Our community welcomes the jobs that come from the marine services needed to build, deploy and to perform ongoing maintenance on this renewable energy project. The Reedsport OPT wave park will provide a vital economic boost to families that have been hit hard by the recession," said Reedsport Mayor Keith Tymchuk in a press release.

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