Benzinga | Aug 17, 2021 06:47AM EDT

Ocean Power Technologies, Inc. Announces US Department Of Energy Selected Co. To 'further the development of a next-generation wave energy converter.'

Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE:OPTT), a leader in innovative and cost-effective low-carbon ocean energy solutions, today announced that the U.S. Department of Energy (DOE) selected the Company to further the development of a next-generation wave energy converter.



"Investment by the U.S. government towards the commercialization of clean energy technology is critical to achieving our nation's net-zero emissions goals," said Philipp Stratmann, President and Chief Executive Officer of OPT. "This award from the DOE will allow OPT to continue innovative blue tech power and data solution development."

In the DOE's recently announced awards for clean energy Small Business Innovation Research (SBIR) projects, OPT will receive up to $197,203 to perform a preliminary conceptual design and feasibility study of a modular and scalable small-scale Mass-on-Spring Wave Energy Converter (MOSWEC) PowerBuoy(r) for powering autonomous ocean monitoring systems.

OPT holds multiple patents related to MOSWEC technology, which generates power from the relative motion caused by the ocean waves. OPT's MOSWEC design has a hermetically sealed hull to protect internal components, is about the size of a standard shipping container, and is easily transportable and deployable. In addition, the design is scalable to support a wide range of applications and missions.