Ocean Power Technologies gets funding

PENNINGTON, N.J., Oct. 6 (UPI) -- U.S.-based Ocean Power Technologies announced a grant from the U.S. Energy Department.

The Department of Energy will give $2 million to OPT to develop a new wave-power project in Reedsport, Ore.

Grant money will go to designing, building and testing OPT's 150-kilowatt PowerBuoy. The grant is the first of its kind to come from the Energy Department for building ocean wave power technology.

The award is positive proof of the growing support for wave power in the U.S. government, said Oregon Gov. Ted Kulongoski and George Taylor, chief executive officer of OPT.

OPT's project includes installation of enough PB150 PowerBuoys to generate 1.5 megawatts off the coast of Reedsport, which is estimated to be enough electricity to supply up to 1,500 homes annually, according to OPT.

The first PowerBuoy is expected to be ready sometime during the second half of 2009, followed by the other nine in 2010 after OPT receives its permits from the Federal Energy Regulatory Commission.