MONROE TOWNSHIP, NJ, July 18 2022 (GLOBE NEWSWIRE) — Ocean Power Technologies, Inc. (“OPT” or “the Company”) (NYSE American: OPTT), a leader in innovative and cost-effective low-carbon marine data service solutions, energy and consulting firm, today announced that the U.S. Department of Energy (DOE) has selected the company for Phase II development of a next-generation wave energy converter.
“After successfully winning the DOE Phase I award in April 2022, this continued investment by the U.S. government in new, innovative, and clean ocean energy technology is critical to achieving our nation’s blue economy goals,” said Philipp Stratmann, President and CEO. Director General of the OPT. “This DOE award will be used to expand our Power-as-a-Service and Data-as-a-Service solutions, which will help us accelerate the development of our next generation of wave energy conversion technologies. “
As part of the DOE’s recently released awards for Small Business Innovation Research (SBIR) Projects in Clean Energy, OPT will receive up to $1,097,212 over the next 18-24 months to develop and test a modular and scalable wave energy converter (MOSWEC) PowerBuoy® for reliable powering of autonomous ocean monitoring systems, bringing an all-new PowerBuoy® in our offer.
OPT holds several patents related to MOSWEC technology, which generates energy from the relative motion caused by ocean waves. OPT’s MOSWEC design has a hermetically sealed shell to protect internal components, is about the size of a standard shipping container, and is easily transportable and deployable. Additionally, the design is scalable to support a wide range of applications and missions, including maritime domain awareness, autonomous vehicle charging, and subsea power.
About Ocean Power Technologies
OPT provides intelligent maritime solutions and services that enable safer, cleaner and more productive ocean operations for the defense and security, oil and gas, science and research and industrial markets. offshore wind. Our PowerBuoy® the platforms provide clean, reliable power and real-time data communications for maritime and remote submarine applications. We also provide WAM-V® autonomous surface vessels (ASVs) and marine robotics services through our wholly owned subsidiary Marine Advanced Robotics. Our headquarters are located in Monroe Township, New Jersey, and we have offices in Houston, Texas and Richmond, California. To learn more, visit www.OceanPowerTechnologies.com.
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