Ocean Power Technology improving PowerBuoy wave energy systems

PENNINGTON, N.J., U.S., 10/24/11 (PennWell) — Ocean Power Technologies, Inc. will soon begin work on a new prediction model that is expected to boost the power output of the company’s PowerBuoy wave energy systems.

Ocean Power Technologies’ (Nasdaq: OPTT) goal is to develop a system that will assess the characteristics of incoming waves before they reach the PowerBuoy wave stations — thus giving the energy-producing units more time to react.

It is expected that this will increase the buoys’ outputs while reducing the cost per MW hour of energy produced.

“The development of wave power as a viable source of clean energy is gaining momentum,” said Angus Norman, OPT chief executive. “Our expectation is that more energy will be delivered per ton of steel used for fabrication than many competing renewable energy systems.”

The project is being partially funded by a U.S. $3 million grant from the European Union’s Seventh Framework Programme and is part of a larger project called “WavePort”.

WavePort is a multi-national consortium of companies that will use OPT’s newest technology in a new PB40 PowerBuoy system that is to be built at an existing mooring site near Santona, Spain.

“We have already demonstrated the excellent efficiency and survivability of our PowerBuoy systems,” Norman said. “We are now raising the bar with an innovative technology enhancement in tandem with the European Union’s WavePort project to accelerate commercialization and realize greater PowerBuoy efficiency across our entire product line.”

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