ABB Takes Stake in Tidal Power
ABB has led a $12 million investment in Scotrenewables Tidal Power, (of Scotland), a provider of tidal turbine systems. The funding is being used specifically to roll out a larger and more advanced tidal energy conversion system known as the SR2000. The floating 2 megawatt turbine includes a number of innovations to deliver simplicity, low mass, rapid connection/disconnection and heightened survivability. Scheduled for completion next year, it will be the first of a number of commercial units installed in the Lashy Sound tidal demonstrator project in Orkney, where Scotrenewables is based. ABB’s participation was made through its venture capital unit…
OPT to Showcase Innovation in Spain
Ocean Power Technologies, Inc. (Nasdaq: OPTT) launched of a new technology initiative to enhance the efficiency of its patented PowerBuoy wave energy systems under its existing “WavePort” project. OPT will be working with a consortium of European companies and institutions to advance the energy conversion system of the PowerBuoy device through the development of a new wave prediction model. The new system will assess the characteristics of each incoming wave before it reaches the PowerBuoy wave power station, thereby providing more time for the electronic tuning capability to react. It is expected that this will significantly boost the power output of the PowerBuoy and reduce cost per MW hour of energy produced.
OPT Announces 4Q Results
Ocean Power Technologies, Inc. (Nasdaq: OPTT) announced financial results for its fiscal fourth quarter and year ended April 30, 2011. • Contract backlog increased to a record $8.9 million as of April 30, 2011. This reflects $10.3 million of new orders brought in during fiscal year 2011, including recent US Department of Energy (“DOE”) awards for the PB150 program in Reedsport, Oregon and for development of the next generation PB500 PowerBuoy. • Revenue increased by 31% for the twelve months ended April 30, 2011 compared to fiscal 2010, reflecting orders from the US Navy, DOE and the United Kingdom’s Technology Strategy Board. • Achieved Lloyd’s Register certification for the PB150 PowerBuoy design…
FERC OKs License for Hydrokinetic Energy Project
The Federal Energy Regulatory Commission (FERC) issued the first license for a hydrokinetic energy project. The license was issued to Finavera Renewables Ocean Energy, Ltd. for construction and operation of a wave energy conversion system in the Pacific Ocean at Makah Bay in Washington State. The license is conditioned on the company obtaining all other necessary permits and authorizations prior to commencing construction. When and if constructed, the project would consist of four 250-watt steel wave energy conversion buoys and an associated mooring/anchoring and electrical connection system. (HK Law)
