Ocean Power Technologies News

For Marine Technology Reporter's (MTR) 14th Annual "MTR100" - a look at 100 innovators and technologies in the subsea space - MTR editor-at-large Elaine Maslin reports on five companies and technologies that are worth the watch for the remainder of 2019 and beyond. For the full edition, see https://magazines.marinelink.com/nwm/MarineTechnology/201907/Blue Logic: Entering a new eraCompletely new modes of operation are entering the underwater domain for oil and gas operations and…

US-owned renewable energy company Ocean Power Technologies (OPT) announced that the Company's PB3 PowerBuoy deployed in the Adriatic Sea has produced more than one MegaWatt-hour (MWh) cumulative energy to date. The cost-effective ocean energy solutions provider said that the PowerBuoy has been deployed for six months, operating continuously and error-free while being controlled remotely from OPT’s NJ facility.George H. Kirby, OPT’s President and Chief Executive Officer said, “We are excited to announce this major power generation milestone for our PB3 PowerBuoy deployed in the Adriatic Sea. Since the contract began in March of last year…

Ocean Power Technologies, Inc., announced today that the PB40 PowerBuoy(R) fabricated for the WavePort Project has shipped from Santander, Spain to Bayonne, NJ with the intent to deploy off the coast of New Jersey in the first quarter of 2015. The PowerBuoy is expected to arrive around mid-November and having been disassembled for transport, will require re-assembly, final checkout and permits before deployment. The PowerBuoy was fabricated with partial funding and support provided under the European Commission's 7th Framework Programme and, after evaluation of several sites, New Jersey was selected as the best location for deployment. Final assembly and checkout was completed in Spain, ownership transferred to OPT per the contract and the buoy departed Santander on October 7.

Lockheed Martin says it has signed a contract with Victorian Wave Partners Ltd. to begin developing the world’s largest wave energy project yet. The 62.5-megawatt peak power wave energy generation project will be built off the coast of Victoria, Australia, using Ocean Power Technologies' (OPT) PowerBuoy® wave energy converter technology. The company’s PowerBuoy wave generation technology uses a "smart," ocean-going buoy to convert wave energy into low-cost, clean electricity. The buoy moves up and down with the rising and falling of waves.

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,…

Ocean Power Technologies Ltd. (OPT), a supplier of moored floating buoys that harvest energy from waves, announced that it has chosen Offshore Europe to launch its PowerBuoy technology into the global oil and gas sector. Already demonstrated in the defense, renewables and utilities sectors, the PowerBuoy is capable of delivering energy from a few kilowatts (kW)to several 100 kW, and has been successfully deployed in Hawaii, U.K. and New Jersey. The PowerBuoy moves freely up and down with the rise and fall of waves.

Ocean Power Technologies (OPT) have deployed the buoy 35 miles off the coast and in 43 meters of water depth, to perform in-ocean tests on its proprietary APB to further validate the technology's capacity for expanded ocean surveillance. This latest deployment is in connection with a previously-announced Cooperative Research and Development Agreement ("CRADA") with the U.S. Department of Homeland Security ("DHS") Science & Technology Directorate ("S&T"). The DHS S&T Borders and…

BMT Scientific Marine Services announced an expansion of its operations team with the appointment of Phil Hart as the new Vice President of Operations and Jeffrey Lewis as Vice President - Client Support Operations. Phil has over 17 years of experience in the offshore industry, including project management, technology development, designing and implementing new product lines and company revenue streams, building and directing multiple cross-functional teams, and budgeting. Phil previously was a Project Manager and Consultant at Cranfield University…

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.

Ocean Power Technologies, Inc. is pleased to announce it will collaborate with Lockheed Martin (NYSE: LMT) in connection with OPT’s proposed commercial-scale wave power generation project at Reedsport, Oregon. Lockheed Martin will provide design, manufacturing, system integration and supply chain management expertise to enhance OPT’s PowerBuoy® technology. This builds on previous work conducted by Lockheed Martin and OPT. This collaboration follows a $2.4 million contract awarded by the US Department of Energy (DoE) to OPT as part of US Secretary of Energy Steven Chu’s initiatives announced in September 2010 to promote the development of renewable marine energy.

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…

With the advancement of ground-breaking innovation in the renewable marine energy industry, the Cromarty Firth Port Authority has had the opportunity to demonstrate that everything is possible and there is nothing that cannot be achieved via the facilities in the Firth. For many years, the Cromarty Firth has been recognised worldwide as a hub for Inspection, Repair and Maintenance of oil rigs and subsea engineering; however the growth of the renewable energy industry has seen the area and the Invergordon Service Base, become a major service facility for the renewables industry.

Ocean Power Technologies, Inc. (OPTT, OPT.L), a developer of PowerBuoy systems that generate electricity by harnessing the renewable energy of ocean waves, said it received an additional $1.9m for the installation of PowerBuoys, in connection with its on-going contract with the U.S. Navy. According to the Pennington, New Jersey- based company, the fund will primarily support the testing and monitoring of the next PowerBuoy systems to be installed off the Marine Corps Base in Hawaii at Kaneohe Bay. The site is one mile away from the coast and 100 feet deep in the sea. Ocean Power indicated that the systems will be tested at the sites and the performance data collected would support the on-going engineering of the next generation of PowerBuoys.