Market Overview

Ocean Power Technologies Receives $900K Contract from Mitsui Engineering & Shipbuilding

Ocean Power Technologies (NASDAQ: OPTT) today announced that the
Company has received a ¥70 million (approximately US $900,000) contract
from Mitsui Engineering & Shipbuilding (“MES”) for further work towards
development of the Company's PowerBuoy technology for application in
Japanese sea conditions.

Under this contract, OPT will continue to analyze methods to maximize
buoy power capture using advanced optimization methodologies as well as
modeling and wave tank testing. OPT will team with MES staff to develop
PowerBuoy enhancements that, under normal Japanese wave conditions,
would provide for improved power capture. This analysis and design work
is expected to be completed by the end of OPT's

See full press release

Posted-In: News Guidance Contracts Management Global

 

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