Ocean Power Technologies (NASDAQ:OPTT / LSE:OPT), the Pennington, N.J., -based developer of wave powered technology, has received A$66.46 million ($60.65 million) grant from Australia’s Resources & Energy Ministry to finance construction of a 19 megawatts wave power project on the Indian Ocean. Once live the offshore facility, which will use the company’s PowerBuoy technology, is expected to be one of the world’s first utility-scale wave power project.
OPT’s Australian unit will split the funding with project partner Leighton Contractors. The two companies have formed a special purpose company to oversee project construction, which is expected to start in the second quarter of 2010. The wave power facility will be built over three phases, and is located off the city of Portland in the state of Victoria.
On the funding OPT founder and Chairman, Dr. George Taylor, who was born and raised in Australia, said:
Our Victoria, Australia project is expected to be one of the first utility-scale wave energy projects globally, and the latest example of OPT’s lead in turning wave energy technology into a commercial reality worldwide.
Besides OPT the energy ministry awarded a total of A$235 million to three other clean energy projects.
OPT’s energy ministry grant will only finance a portion of the project. The company plans to secure outside financing to complete the project.
Besides Australia, OPT is developing projects in Hawaii, Spain and the Pacific Northwest.
