Ocean Power Technologies Ltd News

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, 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.