Pennington, N.J., October 22, 2012 — Wave energy company Ocean Power Technologies Inc. won a $900,000 contract from Mitsui Engineering & Shipbuilding for further work towards development of the company's PowerBuoy technology for application in Japanese sea conditions.
Under this contract, OPT will continue to analyze methods to maximize buoy power capture using advanced optimization methodologies as well as modeling and wave tank testing. OPT will team with MES staff to develop PowerBuoy enhancements that, under normal Japanese wave conditions, would provide for improved power capture.
This analysis and design work is expected to be completed by the end of OPT's fiscal year ending April 30, 2013 after which a decision will be made on the next steps toward ocean trials of a demonstration PowerBuoy system. This would provide the basis for a prospective build-out of a commercial-scale OPT wave power station in Japan.
The Japanese Environment Minister has recently released Japan's new strategy to increase the present generating capacity of renewable energy in Japan by more than six times. The Japanese government specifically identified wave energy as a key component of this policy, setting a goal of 1,500 MW in new power generation capacity by 2030 using wave and tidal power sources.
OPT has a track record in the advancement of wave energy and participates in an estimated $150 billion annual power generation equipment market. OPT's PowerBuoy system is based on modular, ocean-going buoys that capture and convert predictable wave energy into clean electricity. OPT is headquartered in Pennington, New Jersey with an office in Warwick, U.K. and operations in Melbourne and Perth, Australia.