Ocean Power Technologies has received additional funding of US$1.1 million for its ongoing project with the US Navy.
The company will focus on showcasting its PowerBuoy system off the Hawaiian island of Oahu. This additional contract award will primarily support the continuing upgrades and testing of the PowerBuoy, for improved ocean durability.
Mark R. Draper, CEO, OPT, said the company expects to leverage this programme in the commercial expansion of its business internationally.
The PowerBuoy system was deployed in October last year at the offshore site approximately one mile off the coast, in 100 feet of water depth. The Hawaii project is for the installation, testing and grid connection of successive PowerBuoys off the Marine Corps Base in Hawaii at Kaneohe Bay.
OPT will also be working on the project with Sound and Sea Technology, which brings its Navy expertise in ocean engineering and will review the system upgrades.
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