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 »