Hydropower

Ocean Power Technologies Wins PowerBuoy Development Grant

Wave energy hydropower developer Ocean Power Technologies Inc. has won a $1.5 million grant from the U.S. Department of Energy for the development of the next generation of OPT’s PowerBuoy ocean energy hydropower device.

The DOE grant will help fund the scale-up of the power output per PowerBuoy from the current level of 150kW to 500kW, wire services reported.

This is the second award to OPT by the DOE. Previously, OPT received $2 million to provide funding for the construction of a PB150 PowerBuoy to be deployed in connection with the company’s project at Reedsport, Oregon. The Reedsport project is a commercial U.S. wave energy farm off the Oregon coast.

OPT has chosen Oregon Iron Works to construct its first commercial wave energy PowerBuoy system in North America. Nine additional PowerBuoys will be constructed and installed under the second phase of the Reedsport project.

Issued to OPT under a competitive process, this latest award was made in support of innovative renewable water power technologies.

Ocean Power Technologies recently was awarded €2.2 million, [US $2.99 million] under the European Commission’s Seventh Framework Programme (FP7) for work on the WavePort project in Spain.

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