Ocean Power and Mitsui to Commercialize PowerBuoy

MarineLink.com
Thursday, October 24, 2013
PowerBuoy (Photo: OPT)

Ocean Power Technologies, Inc. (OPT) and Mitsui Engineering & Shipbuilding Co., Ltd. (MES) announced that they have signed a new agreement to cooperate in the development and commercialization of OPT's PowerBuoy technology.

Building on the successful work previously done together by the companies, this agreement sets forth the terms of technology licensing and other financial arrangements between MES and OPT regarding OPT's PowerBuoy systems. Under the terms of the agreement, MES has the licensed right to sell OPT's PowerBuoys for both grid-connected utility and autonomous applications in Japan, the Philippines, Malaysia, Vietnam, Mozambique, South Africa and Namibia. The license provides for a renewable 10-year term under which MES has the exclusive right to manufacture and sell PowerBuoys in its territory, for which sales OPT will receive royalty payments. Under terms to be agreed by MES and OPT, OPT also will sell to MES the Power Take-Off systems to be integrated in all PowerBuoys sold by MES. Furthermore, MES will receive commission payments for any customers outside its territory that MES refers to OPT. Recognizing MES's manufacturing capabilities and expertise in the building of ships and offshore platforms, MES has the first refusal right to manufacture PowerBuoys sold outside its territory, subject to certain exceptions.

The agreement also documents the understanding between OPT and MES regarding the use of existing intellectual property and any improvements expected to be created by the parties during the term of the agreement.

oceanpowertechnologies.com
 

Maritime Reporter September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

New Oil Field Found in British North Sea

GDF SUEZ E&P UK Ltd and BP today announced a new exploration discovery in the UK Central North Sea. The discovery, which spans GDF SUEZ operated block 30/1f

Technip & Fluor Bag RAPID UIO Project

Technip, in a joint venture with Fluor, was awarded an engineering, procurement and construction management contract by PRPC Utilities and Facilities Sdn. Bhd.

Gazprom to Counter Negative Global Market Trends

The Gazprom Board of Directors took note of the information on the Company's financial strategy under the conditions of negative trends in the global financial

Offshore

New Oil Field Found in British North Sea

GDF SUEZ E&P UK Ltd and BP today announced a new exploration discovery in the UK Central North Sea. The discovery, which spans GDF SUEZ operated block 30/1f

Three Dead in Offshore Platform Accident

Three workers were killed and one is still missing after an accident at one of the offshore oil and gas platforms in the Caspian Sea in Azerbaijan, Azeri state energy company SOCAR said on Thursday.

Ocean Installer Enters Australian O&G Market

Ocean Installer’s said that it has established office in Perth, Australia to meet demand for subsea construction services.  “This is the beginning of our presence

News

DP World Receives 1st Scheduled Vessel at New Terminal

DP World has yesterday welcomed the first scheduled vessel to call at its new Container Terminal 3 in Jebel Ali, Dubai, as it gears up to serve customers at the state-of-the-art facility.

New Oil Field Found in British North Sea

GDF SUEZ E&P UK Ltd and BP today announced a new exploration discovery in the UK Central North Sea. The discovery, which spans GDF SUEZ operated block 30/1f

Kalmar 5th Generation Gloria Reachstackers Enter US

Kalmar, part of Cargotec, is launching its highly acclaimed range of reachstackers, called Gloria into the Americas. The eagerly awaited launch follows the successful

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Ship Electronics Ship Repair Ship Simulators Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1356 sec (7 req/sec)