6 August '10
2:46 PM UTC
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The Week In Green Energy

The Week In Green Energy: Regulators Regulate

A wave power company signs an agreement that paves the way for a unique utility-scale project; A developer with plans for a massive solar power plant in the Mojave Desert finally wins over state and federal regulators; A wind developer delays a major offshore wind project because of turmoil at the federal agency regulating it.

These three scenarios — describing major news this week from Ocean Power Technologies, BrightSource Energy and NRG Bluewater Wind, respectively — underscore the important position regulators hold in the renewable energy sector. At a time when the industry is depending on government backing to launch it on a path of sustainable growth, these events underscore the positive — and not so positive — impact regulators have on the renewable energy industry.

Some companies seem to have mastered the regulatory two-step.

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4 August '10
2:50 PM UTC
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  Tidal & Wave

Ocean Power Technologies Gets Closer to Utility-Scale Wave Power in America

Ocean Power Technologies PowerBuoy: Coming soon to Oregon

Ocean Power Technologies is a step closer today to building the country’s first utility-scale wave power project in Oregon.

The Pennington, N.J.,-based company announced that it had signed a settlement agreement with 11 federal and state agencies and three non-governmental stakeholders regarding the development of a 1.5-megawatt wave energy station at Reedsport, Oregon. The station will use ten Ocean Power Technologies’ PB150 PowerBuoys, which are currently under construction at Oregon Iron Works. The company’s stock (NASDAQ:OPTT) was up 3.2 percent to $5.48 at 3 p.m. EST. Read More »

18 January '10
9:32 AM UTC
2 Comments
  Tidal & Wave

Ocean Power Technology CEO Resigns

The PowerBuoy

In a surprising development, Ocean Power Technologies (OPT) has announced that CEO Mark Draper is leaving the company  less than a year after taking the top position from company founder Dr. George Taylor, citing personal reasons.  AIM-listed OPT, which has developed the PowerBuoys generator, a water buoy that capture waves to generate electricity, has appointed Chief Financial Officer Charles Dunleavy to replace him. Read More »

6 November '09
12:20 PM UTC
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  Tidal & Wave

Wave Power Developer OPT Gets $60M Funding for Australian Utility-Scale Power Project

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, :

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 .

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.

5 October '09
12:42 PM UTC
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  Cleantech

OPT Stockholders Approve Share Issuance

Stockholders gave wave power technology developer Ocean Power Technologies (London Stock Exchange AIM: OPT/NASDAQ:OPTT), the green light to go ahead with a share issuance to replenish its crucial stock option program.  The motion was approved last week at the company’s annual general assembly but .

The share issuance, which was opposed by an unnamed shareholder advisory service, is expected to raise some $4.16 million.  OPT has maintained that its stock option program is a crucial part of its compensation package both as a way to retain talent and attract new employees. For more on that, see here.

We’ve reached out to OPT CFO Charles Dunleavy to get a sense of the timing as to when the company would issue the shares and we will post with any update.

10.06.09 -Update | 10:20 a.m. Central Time: Charles Dunleavy tells GER the OPT shares for the stock option plan will be issued over the next three to four years.

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