Ocean Power Technologies (OPT) has shared that the electrical power and control system for the PB150 was recently shipped from its New Jersey factory to the UK.
In February this year, the company shipped PB150 electrical power and control system for integration with the PB150 PowerBuoy to be deployed in the Orkney Islands. OPT is working under a contract with the Scottish Government at the European Marine Energy Centre to deploy a gridconnected 150 kW PowerBuoy.
OPT has made progress on the construction of the power conversion and power take-off sub-assemblies. In the third quarter, the company continued its review of prospective suppliers for manufacturing of the PowerBuoy, which is on track to be ready for deployment by the end of calendar year 2009.
The initial structural design for the PB150 was completed by the end of 2008 and OPT continues to work with an independent engineering group to certify the 150 kW PowerBuoy structure design. The first round of such certification reviews have been completed.
The PB150 comprises a significant portion of the company’s current backlog.
OPT reported a net loss of $13.6 million for the nine months ended January 31, 2009 compared to a net loss of $8.3 million for the nine months ended January 31, 2008. This change in net loss has been attributed to an increase in product development costs (continued work to increase the power output of its utility PowerBuoy system) and also an increase in selling, general and administrative costs.
Related link: More on OPT
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