Ocean Power Technologies, Inc. (Nasdaq: OPTT) ("OPT" or the "Company"), a leading wave energy technology company, today announced the successful completion of extensive factory acceptance testing of the first of its next generation power take-off (“PTO”) units for the Company’s utility-scale PowerBuoy ®, the PB150. The PTO has now been shipped from OPT’s facility in Pennington, New Jersey to Oregon Iron Works, where it is in the process of being integrated into the spar of the buoy in preparation for deployment off the coast of Reedsport, Oregon.
During testing, the PTO was subjected to varying simulated wave conditions to measure overall functioning and reliability, and it performed as expected in each area studied. The new direct drive system is a much larger version of that which was recently utilized in the Company’s PowerBuoy deployed off Oahu, Hawaii, for two years in a project with the US Navy. It is expected to provide increased efficiency and reliability compared with the previous hydraulic-based PTO design used by OPT in earlier PowerBuoys.
“We are excited to see our next generation power take-off successfully complete extensive survival and operational mode testing. We are now working to integrate it into the spar of the PB150 with the help of Oregon Iron Works’ professional team,” said Charles F. Dunleavy, Chief Executive Officer of OPT. “We expect the PowerBuoy to be ready for deployment off the coast of Reedsport, Oregon late this summer and look forward to an ocean demonstration that can pave the way for additional units in the region – with the eventual goal of a wave power station serving thousands of local residents and businesses.”
Upon completion of integration, the spar will be transferred to Vigor Marine, a leading provider of shipbuilding, ship repair and other industrial services in Portland, Oregon, for the final buoy assembly and testing ahead of deployment. The buoy will be launched using one of Vigor Marine’s floating drydocks, which will facilitate the handling and water launch of the PowerBuoy. Once in the water, the PowerBuoy will be towed from Portland to the Reedsport/Coos Bay area for interim staging prior to final deployment and installation. The towing plan has been approved by the United States Coast Guard Marine Safety Office in Portland. The final stage will involve towing the PowerBuoy to the Reedsport ocean site, where it will be connected to the mooring system that will be deployed with the assistance of marine contractor Northwest Underwater Construction, as well as other local companies, including Knutston Towboat Company.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV