New Projects, Renewables

Wave energy project receives federal approval

Ocean Power Technologies Inc. (Nasdaq: OPTT) said that its subsidiary, Reedsport OPT Wave Park LLC, has received approval from the U.S. Federal Energy Regulatory Commission (FERC) for the full build-out of its planned 1.5 MW wave power station off Reedsport, Ore.

FERC granted a 35-year license, one of the first for a wave energy station issued in the U.S. It provides for the deployment of up to ten OPT devices.

Construction of the first PowerBuoy is nearing completion and it is expected to be ready for deployment in 2012. The U.S. Department of Energy approved funding for the project with support of the Oregon Congressional delegation and PNGC Power.

Read more marine power news