Japan to receive Ocean Power

Ocean Power Technologies said it has lined up a deal with three Japanese energy and shipbuilding companies to produce electricity from the sea, according to a report on http://www.greentechmedia.com. The project would be the first for Ocean Power, which reportedly is teaming up with Idemitsu Kosan, Mitsui Engineering & Shipbuilding and Japan Wind Development. If all goes well, Ocean Power would deploy up to three of its PowerBuoys for the trial run. The ultimate goal is to build stations that are 10 megawatts or larger and sell the electricity to utilities. Ocean Power would generate revenue by selling the equipment for the demo plant to the three Japanese companies. For commercial projects, Ocean Power would then license its technology for the Japanese consortium to manufacture and install, though it also would still provide some of the components. Ocean Power said it also is developing a 1.39-MW station off the coast of Spain, and a larger project – up to 5 megawatts – in the United Kingdom. (Source: http://www.greentechmedia.com)