Additional funding amounting to $1.1 million has been given to Ocean Power Technologies for its on-going project with the US Navy off the Hawaiian island of Oahu. This additional contract award, says the company, will primarily support the continuing upgrades and testing of the PowerBuoy, for improved ocean durability.

Mark R. Draper, Chief Executive Officer of OPT stated, “This project reflects the on-going commitment of the US Navy to renewable energy generation and sustainable development. It furthers the long-standing partnership which OPT has had with the US Navy in developing our core PowerBuoy technology. Our success to date owes much to this shared commitment to renewable energy, and we expect to leverage this program in the commercial expansion of our business internationally."

he PowerBuoy system was deployed in October last year at the offshore site approximately one mile off the coast of Oahu, in 100 feet of water depth.

The Hawaii project is for the installation, testing and grid connection of successive PowerBuoys off the Marine Corps Base in Hawaii at Kaneohe Bay and has received strong support from the Hawaii and New Jersey congressional delegations. The project will utilize local Hawaiian subcontractors for the installation, test and servicing of the systems. The Company also will be working on the project with Sound and Sea Technology, which brings its Navy expertise in ocean engineering and will review the system upgrades.