Wave Energy Conversion System News

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…

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)