This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Ocean Power Technologies PB150 Device Outperforms In Sea Tests

Stocks in this article: OPTT

Ocean Power Technologies, Inc. (Nasdaq: OPTT) ("OPT" or the "Company"), a leading wave energy technology company, is pleased to announce that the first of its new generation utility-scale PowerBuoy ® device, the PB150, has delivered better-than-expected initial results from tests being conducted off the northeast coast of Scotland.

Rated at 150 kilowatts, this device was designed and developed by OPT to work in arrays of multiple PowerBuoys to generate renewable energy at commercial-scale wave power stations worldwide. It was deployed on April 15, 2011 for ocean trials at a site approximately 33 nautical miles from Invergordon, Scotland. The trials are expected to continue for an additional one to two months.

Wave conditions encountered have included storm waves, and electrical power generated by the PB150 has included peaks of over 400 kilowatts. Average electrical power of 45 kilowatts was generated at wave heights as low as 2 meters. These levels of power exceeded OPT’s expectations of performance for this first PB150 deployment, and verifies that the system could produce up to 150 kilowatts on average, in higher wave conditions.

On-board equipment replicates grid-connection conditions to ensure the PowerBuoy’s electrical systems are subjected to full operational testing for utility applications. The power take-off system’s performance has exceeded expectations with respect to its energy conversion efficiency in the irregular ocean wave conditions encountered. The device is transmitting data in real-time for analysis by OPT’s engineers in both the United Kingdom and the United States. A wave data buoy located near the site provides detailed information regarding incoming waves. Using that information, OPT’s engineers calculate the power levels that should be achieved by the PB150, and analyze these against actual power generation. The result of this process confirms the Company’s ability to predict accurately the PowerBuoy’s performance in varying wave conditions. A video of the PB150 deployment is available on OPT’s website at www.oceanpowertechnologies.com.

Dr. Philip R. Hart, Chief Technology Officer of OPT, said: “We are extremely pleased with the performance of the PB150. The results to date of this ocean trial, along with the Company’s experience with its grid-connected Hawaii PowerBuoy system, continue to build our confidence in the survivability, operating characteristics and energy generation capability of the PB150. The overall system performance has exceeded our expectations, and the energy production capability of the PowerBuoy demonstrates its ability to produce utility-grade power in dynamic wave conditions around the world.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,430.06 +42.85 0.25%
S&P 500 2,032.66 +3.11 0.15%
NASDAQ 4,707.8160 +26.3190 0.56%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs