Navy Continues to Fund PowerBuoy Systems

Ocean Power Technologies, Incorporated (OPT) announced yesterday that it has received an additional $1.9 million for its ongoing contract with the U.S. Navy to install PowerBuoy systems off the Hawaiian island of Oahu.

The additional contract award will primarily support the testing and monitoring of the next PowerBuoy system to be deployed at the offshore site approximately one mile off the coast, in 100 feet of water.

The Hawaii project is for the installation, testing and grid connection of multiple PowerBuoys off the Marine Corps Base in Hawaii at Kaneohe Bay. With strong support of the Hawaii and New Jersey congressional delegations, the project will utilize local Hawaiian subcontractors for the installation, test and servicing of the systems.

Previously, the OPT wave power project underwent an extensive environmental assessment by an independent engineering company in accordance with the National Environmental Policy Act (NEPA). This study featured evaluation of potential impacts on the seabed; fish, organisms and mammals; vegetation; and sea quality, and concluded that the project would have no significant impact on the environment.

Dr. George W. Taylor, CEO, OPT stated, “This project reflects the on-going commitment of the U.S. Navy to renewable energy generation and sustainable development. Our success to date owes much to this shared commitment to renewable energy, and we expect to leverage this program in the commercial expansion of our business internationally.”

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