Ocean Power Technologies, Inc. (OPT) has signed an exclusive agreement with a consortium of three Japanese companies to develop a demonstration wave power station in Japan.

Comprising Idemitsu Kosan Co., Mitsui Engineering & Shipbuilding Co., and Japan Wind Development Co., the Japanese consortium and OPT will initially work with the Japanese government to increase the recognition of wave power in Japanese energy policy, and to identify favorable sites for OPT wave power stations and assess their commercial prospects. 

Subject to the successful identification of a project site and completion of economic assessments, the parties plan to enter into an agreement to build a demonstration plant with up to three of the company’s PowerBuoys. 

The trial plant would provide the basis for the expected building of a commercial-scale OPT wave power station with an initial capacity of 10 MW or more, with output from the station sold to electric utilities. Under the anticipated agreement to build the demonstration plant, OPT will sell the equipment for the power station to the consortium.  For subsequent wave power stations, the consortium will provide manufacturing and maintenance of the power stations and on-going plant operations, while OPT will provide its PowerBuoy technology under license and also sell certain subsystems of the plant to the consortium.

OPT has also been invited to become a member of the Tokyo Wave Power Initiative, a committee including the city of Tokyo, regional governments and national agencies involved in the promotion of new energy sources.

Commenting on the agreement, OPT’s executive chairman, Dr. George W. Taylor, said: “As one of the world’s largest economies, with a dense urban population and  a coastline almost as long as Canada, Japan plays a significant regional role in promoting technical innovation and clean energy.”

"As one of the world's largest economies, with a dense urban population and a coastline almost as long as Canada, Japan plays a significant regional role in promoting technical innovation and clean energy." -- Dr. George W. Taylor, OPT's executive chairman