OPT gets Mitsui deal to develop wave power technology for Japan

Oct 22, 2012 - US Ocean Power Technologies Inc (NASDAQ:OPTT), or OPT, has won a contract by Japanese Mitsui Engineering & Shipbuilding Co Ltd (TYO:7003) to continue working on the development of its wave power technology for Japanese sea applications.

Under the JPY-70-million (USD 877,000/EUR 672,000) deal, the US marine energy technologies developer will further analyse ways to boost the power capture of its PowerBuoy device through advanced optimisation methodologies, modeling and wave tank testing, it said in a statement today. OPT will cooperate with the Japanese ship and ocean machinery maker on the development of PowerBuoy enhancements for increased power capture under normal Japanese wave conditions.

OPT expects to complete the analysis and design works by the end of its fiscal year through April 2013 and then to determine the next steps towards ocean trials of its PowerBuoy.

The Japanese government has lately decided to increase the renewable energy capacity in the country by more than six times. The government aims for 1,500 MW in new power generation capacity from wave and tidal power sources by 2030, OPT added.

(JPY 100 = USD 1.253/EUR 0.960)

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