Benzinga | Aug 17, 2021 09:20AM EDT

US DOE Selects Ocean Power Technologies To Support Development Of Wave Energy Converter Concept

* Ocean Power Technologies Inc (NYSE:OPTT) has been selected by the U.S. Department of Energy (DOE) to further the development of a next-generation wave energy converter.

* The company 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 for powering autonomous ocean monitoring systems.

* Ocean Power Technologies holds multiple patents related to MOSWEC technology, which generates power from the relative motion caused by the ocean waves.

* Price Action: OPTT shares are trading higher by 3.74% at $1.94 during the premarket session on Tuesday.