Ocean Power Technologies Receives Additional $1.1 Million Funding for Hawaii Wave Power Project

Ocean Power Technologies Inc. of Pennington, N.J., said today that it has received an additional $1.1 million for its project with the Navy to demonstrate its PowerBuoy electric-generating system off the Hawaiian island of Oahu.

The Hawaii project has the Mercer County company installing and testing a grid of successive PowerBuoys off the Marine Corps Base in Hawaii at Kaneohe Bay. The congressional delegations from Hawaii and New Jersey have given their support for the project, which is using Hawaii-based subcontractors.

The contract is being financed by the Navy, through ocean engineering firm Sound & Sea Technology of Edmonds, Wash.

The system was set up there in October 2008 about one mile off the coast, 100 feet deep. Initial tests had power being produced at predicted levels.

The additional contract will allow for continued upgrades and testing, said the company, which is based in Mercer County.

"This project reflects the ongoing commitment of the U.S. Navy to renewable energy generation and sustainable development," said Mark R. Draper, OPT's chief executive officer.

Company shares were priced at $6.53, down 3 cents, late this morning.