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Ocean Power Technologies's Spanish WavePort project gets EU grant

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Ocean Power Technologies (AIM: OPT, NASDAQ: OPTT) has been awarded €2.2m under the European Commission's Seventh Framework Programme (FP7). The grant is part of a total €4.5m which was awarded to a consortium, including OPT, to deliver a PowerBuoy wave energy device, as part of the WavePort project.

The other consortium members include the Wave Energy Centre in Portugal, Norwegian firm Fugro Oceanor, Spanish based DeGima and, from the UK, the University of Exeter and ISRI.

"This award by the European Commission is a springboard for OPT to further develop our Spanish project and to demonstrate the commercial performance of the PowerBuoy's proprietary and innovative tuning system”, said Ocean Power Technologies CEO Charles Dunleavy.

The PowerBuoy will be deployed at the Santoña site in Spain. OPT will be responsible for the design, supply and deployment of the PowerBuoy device and an Underwater Substation Pod.

The company said the additional funding will go to the remaining consortium members for the steel fabrication, wave-monitoring equipment, wave resource prediction research, system monitoring and project management. Specifically, the University of Exeter has expertise in the area of wave prediction and Fugro will provide wave-monitoring equipment to collect and transmit data to the PowerBuoy.

OPT’s work under the award is conditional on the signing of a consortium agreement by all members over the next two months.  The company will also be required to seek additional funding for the completion of the WavePort project.

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NASDAQ:OPTT
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