The US Department of Energy (DOE) has awarded Ocean Power Technologies (OPT) a grant of $1.5 million for the development of a next-generation wave generation device.
The grant will be used to help fund the scale-up of the company’s PowerBuoy wave device from 150 kW to 500 kW. It is the second award to OPT from the DOE following a $2 million grant in 2008 for the construction of a PowerBuoy machine for a project in Oregon.
According to OPD, the technology development effort will focus on increasing the power extraction efficiency and a “Design-for-Manufacture” approach, which aims to achieve lower installed capital and energy costs that are expected to be competitive with energy based on fossil fuels.
“OPT’s program of work under this award is in accord with the Department of Energy’s objectives to increase the use of domestic marine resources for electric power generation and to enhance energy security, while improving the environment,” said Charles F. Dunleavy, Chief Executive Officer of OPT.
The grant was issued to OPT under a competitive process. Work under the award will be performed on an equal cost-sharing basis over a two-year period.
