Ocean Power Technologies Selected for Department of Energy Award

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By Kathryn Hardison

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The US Department of Energy has selected Ocean Power Technologies Inc. for the second phase of development of a next-generation wave energy converter.

Ocean Power Technologies said Monday that it will receive up to roughly $1.1 million over the next 18 to 24 months to develop and test a modular and scalable Mass-on-Spring Wave Energy Converter PowerBuoy for reliable powering of autonomous ocean monitoring systems. This extends the company’s work with the department after it completed another award in April.

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OPT holds multiple patents related to Mass-on-Spring Wave Energy Converter technology, it said, which generates power from the relative motion caused by the ocean waves. OPT’s design is scalable to support a wide range of applications and missions, including Maritime Domain Awareness, autonomous vehicle charging and subsea power, the company said.

Shares rose 12.8% to 71 cents in after-hours trading.

Write to Kathryn Hardison at [email protected]

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Credit: www.marketwatch.com /

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