By Kathryn Hardison
The U.S. Department of Energy has selected Ocean Power Technologies Inc. for the second phase of development of a next-generation wave energy converter.
Ocean Power Technologies said Monday that it will receive up to roughly $1.1 million over the next 18 to 24 months to develop and test a modular and scalable Mass-on-Spring Wave Energy Converter PowerBuoy for reliable powering of autonomous ocean monitoring systems. This extends the company’s work with the department after it completed another award in April.
OPT holds multiple patents related to Mass-on-Spring Wave Energy Converter technology, it said, which generates power from the relative motion caused by the ocean waves. OPT’s design is scalable to support a wide range of applications and missions, including Maritime Domain Awareness, autonomous vehicle charging and subsea power, the company said.
Shares rose 12.8% to 71 cents in after-hours trading.
Write to Kathryn Hardison at kathryn.hardison@wsj.com
(END) Dow Jones Newswires
July 18, 2022 17:33 ET (21:33 GMT)
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Read More: Ocean Power Technologies Selected for Department of Energy Award