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Ocean Power Technologies Receive Financial Boost from Japan

financial boost from japan

US wave-energy technology company Ocean Power Technologies (OPT) announced Monday that it had been awarded a contract from Mitsui Engineering & Shipbuilding worth approximately $900,000 to further work on the development of its PowerBuoy technology for specific application in Japanese sea conditions.

The contract will see Ocean Power Technologies continue to analyse methods by which it can maximise buoy power capture using advanced optimization methodologies as well as modeling and wave tank testing. Specifically, it will be partnering with staff from Mitsui Engineering & Shipbuilding to develop PowerBuoy enhancements that will make the device fit for Japanese wave conditions.

“We are very pleased to announce this additional work with our partner in Japan, Mitsui Engineering & Shipbuilding,” said Charles F. Dunleavy, Chief Executive Officer of OPT.

“Ocean Power Technologies is viewed throughout the globe as a leader in the area of wave power generation, and we believe Japan is a nation that can clearly benefit from our unique ocean-based energy technology. We appreciate the trust that MES has placed in us and the progress this represents towards bringing utility-scale wave power to the Japanese people.”

“As we remember the 2011 earthquake and tsunami that had such a devastating impact on the nuclear power industry in

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Japan, we are working with Ocean Power Technologies to commercialize ocean-based clean energy alternatives,” added Mr. Hirotaka Ohashi, Deputy General Manager of Business Development and Innovation at MES.

“We have several years of experience with OPT and respect the position their technology holds in the market. Working together, we look forward to bringing a series of new PowerBuoys to Japan.”

The analysis and design work is set to be finished by April 30, 2013, after which time a decision will be made on what steps come next, specifically in regards to moving towards ocean trials.

Reference: Ocean Power Technologies

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