Ocean Power Technologies, Inc.
1590 Reed Road
New Jersey 08534
Phone: +1 609 730 0400
Fax: +1 609 730 0404
Ocean Power Technologies Ltd
Warwick Innovation Centre
Warwick CV34 6UW
Phone: +44 (0)1926 623370
Fax: +44 (0) 1926 408190
OPT was formed by Dr. George W. Taylor and the late Dr. Joseph R. Burns in pursuit of their vision of harnessing the boundless energy of the world’s oceans. Starting in 1994 OPT has focused on its proprietary PowerBuoy™ technology, capturing wave energy using large floating buoys anchored to the sea bed and converting the energy into electricity using innovative power take-off systems.
Commencing in 1997, ocean trials have been conducted off the coast of New Jersey to demonstrate the concept of using a floating buoy to capture wave energy and convert it into electricity. The technology is on a growth curve towards full-scale commercial application, recent examples of which are the 40 kW-rated PowerBuoys installed in Hawaii and New Jersey.
Ocean Power Technologies Inc. was floated on the London Stock Exchange’s AIM market in October 2003 following a successful IPO, and is traded on the AIM market under the symbol “OPT”.
The Company completed its US IPO and listing on Nasdaq in April 2007, and is traded on Nasdaq under the symbol “OPTT”.
OPT has begun the initial phase of installation of a 1.39 MW wave farm off the northern coast of Spain. The project is a joint venture with the Spanish utility Iberdrola SA. A full size demonstration plant of up to 5MW capacity is planned for installation in UK waters.
OPT’s PowerBuoy® wave generation system uses a “smart,” ocean-going buoy to capture and convert wave energy into low-cost, clean electricity.
The rising and falling of the waves off shore causes the buoy to move freely up and down. The resultant mechanical stroking is converted via a sophisticated power take-off to drive an electrical generator. The generated power is transmitted ashore via an underwater power cable.
OPT power station showing multiple buoys.
A 10-Megawatt OPT power station would occupy only approximately 30 acres
(0.125 square kilometers) of ocean space.
Sensors on the PowerBuoy® continuously monitor the performance of the various subsystems and surrounding ocean environment. Data is transmitted to shore in real time. In the event of very large oncoming waves, the system automatically locks-up and ceases power production. When the wave heights return to normal, the system unlocks and recommences energy conversion and transmission of the electrical power ashore.
• Buoys are spaced to maximize energy capture.
• Rugged, simple steel construction.
• Utilizes conventional mooring systems.
• Simple installation using existing marine vessels and infrastructure.
• Scalable to large power stations (100+ MW)
|Ocean Power Technologies’ PowerBuoy® is designed to convert ocean wave energy into useable electrical power for utility-scale grid connected applications. The PowerBuoy® can be deployed in arrays scalable to 100’s of megawatts.|