Ocean Power Technologies Inc. is a pioneer in wave-energy technology that harnesses ocean waves to generate reliable and clean electricity. The company’s proprietary PowerBuoy system is based on modular, ocean-going buoys that capture and covert wave energy into electricity. OPTT has over a decade of experience in this sector of renewable energy.

The company announced today that it has won two new funding awards totaling $4.8 million from the US Department of Energy. Ocean Power Technologies plans to use the first award, for $2.4 million, in connection with the construction and deployment of one of its 150 kilowatt PB150 PowerBuoys at Reedsport, Oregon, as part of the first proposed commercial wave power project in the United States. Deployment is expected to occur in 2011.

This is the second award from the Department of Energy in connection with this project. In 2008, the company received a $2 million award. The project received a major boost when the company signed an agreement with 14 shareholders to support the development of a 10 PowerBuoy wave power station at Reedsport in August 2010.

The second award, also for $2.4 million, is intended to be used for the design and development of Ocean Power Technologies’ next generation 500 kilowatt PowerBuoy wave power system, the PB500. This award follows an initial $1.5 million given to the company in April 2010 by the Department of Energy towards development of the PB500.

The CEO of the company, Charles Dunleavy, said, “These awards are another significant step in a global drive to make wave power a commercial reality.” For further information on Ocean Power and its technologies, please visit the company’s website at www.oceanpowertechnologies.com.

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