By early afternoon, shares of the microcap have added 24.6% to $4.40. Trading volume of 18.2 million is more than 12 times its three-month average daily volume.
The project will be developed off the coast of Victoria, Australia and upon its completion as early as 2018 will produce enough power for 10,000 homes.
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The project will use Ocean Power's technology which converts wave energy into clean energy via the bobbing movement of a buoy. The mechanical energy produced drives an electrical generator, which transmits power through an underwater cable.OPTT data by YCharts