Oregon Wave Energy Project Closer To Fruition

Coming at the heels of OPT Inc.’s announcement that its subsidiary, Warwick, England-based OPT Ltd. was awarded GBP 1.5 million [US $2.3 million] for the development of its next-generation wave power system, the company today is announcing that it is getting closer to deploying its technology in the U.S.

Oregon-based OPT Inc. said that it signed a Settlement Agreement (SA) with 11 federal and state agencies and three non-governmental stakeholders for its utility-scale wave power project at Reedsport, Oregon.  The agreement is the first step towards obtaining a FERC license to deploy the technology in what could be the first commercial-scale wave power project in America. The SA is for the phased development by OPT of a 10-PowerBuoy, 1.5-megawatt capacity wave energy station.  OPT said that the agreement stipulates that development will take place “in a manner that protects ocean resources and stakeholder interests.”

Manufacturing of the first 150 kilowatt PB150 PowerBuoy is already underway at Oregon Iron Works under its contract with OPT. The 10-buoy wave farm will be connected to the grid after the FERC license is received and the company gets additional project funding.

Earlier story, Marine Hydropower Firm OPT Secures Funds for PowerBuoy Development

 

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