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Ocean Power Technologies Signs Agreement For Wave Power Project

Posted on August 4, 2010

Ocean Power Technologies Inc. has signed a settlement agreement for its utility-scale wave power project at Reedsport, Oregon, U.S.A., with 11 federal and state agencies and three non-government stakeholders. The agreement may help secure a grant from the Federal Energy Regulatory Commission (FERC) for a commercial-scale wave power project in the U.S.A, the company said.

The agreement supports the phased development of a 10-PowerBuoy, 1.5 MW capacity wave energy station. The wave farm, which would provide energy to about 1000 homes, is expected to be connected to the grid after receipt of the FERC license and additional funding is provided.

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