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Ocean Power Technologies Sources Manufacturing Base For PowerBuoy System

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Wave power generator specialist Ocean Power Technologies Inc (AIM: OPT, NASDAQ: OPTT) has selected privately owned Oregon Iron Works to begin the construction phase of its commercial wave energy PowerBuoy system. The buoys will form a 1.5 megawatt wave-power project 2.5 miles offshore Oregon.

"OPT has identified the Oregon coast as one of the world's top sources for future wave energy development” said OPT chief executive Mark Draper, “We are committed to responsible development of renewable energy resources, and look forward to playing our part in that positive future."

The construction of the first PowerBuoy system represents Phase One of an expected 10-PowerBuoy Reedsport wave power station off the Oregon coastline. The project will be the first commercial-scale facility of its type in North America and will generate approximately 1.5 megawatts of electricity, the group said.

The PowerBuoy utilises waves to drive an electric generator inside the buoy. The electricity is then conditioned and transmitted ashore as high-voltage power via an underwater cable. The Reedsport wave power station will be located approximately 2.5 miles off the coast and connect directly to the Bonneville Power Administration's Gardiner Substation.

Quick facts: Ocean Power Technologies

Price: 1.09 USD

NASDAQ:OPTT
Market: NASDAQ
Market Cap: $7.4 m
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