Ocean Power Technologies Receives Additional $1.1 Million Funding for Hawaii Wave Power Project
Apr 1, 2009 – Ocean Power Technologies, Inc. (Nasdaq: OPTT) announced that it has received additional funding of $1.1 million for its ongoing project with the US Navy to demonstrate the Company’s PowerBuoy® system off the Hawaiian island of Oahu.
The PowerBuoy system was deployed in October 2008 at the offshore site approximately 1 mile off the coast, in 100 ft of water. During initial commissioning tests the power produced was in line with predicted levels. This additional contract award will primarily support the continuing upgrades and testing of the PowerBuoy, for improved ocean durability. Throughout the project, the US Navy has maintained a direct involvement and has monitored progress made by the Company.
The Hawaii project is for the installation, testing and grid connection of successive PowerBuoys off the Marine Corps Base in Hawaii at Kaneohe Bay and has received strong support from the Hawaii and New Jersey congressional delegations. The project will utilize local Hawaiian subcontractors for the installation, test and servicing of the systems. The Company also will be working on the project with Sound and Sea Technology, which brings its Navy expertise in ocean engineering and will review the system upgrades.
Previously, the OPT wave power project underwent an extensive environmental assessment by an independent engineering company which featured evaluation of potential impacts on the seabed; fish, organisms and mammals; vegetation; and sea quality. This resulted in a Finding of No Significant Impact (FONSI) on the environment, which is the highest level of environmental rating, and is believed by the Company to be the only such FONSI awarded to any wave energy company.