Record $9m backlog for Ocean Power Technologies

Wave power company Ocean Power Technologies has announced a record $8.9million backlog in orders.The firm that installed the first-ever grid connected wave energy device in the US said it was […]

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By Vicky Ellis

Wave power company Ocean Power Technologies has announced a record $8.9million backlog in orders.The firm that installed the first-ever grid connected wave energy device in the US said it was a personal best.

OPT also boosted its revenue by a third for last year because of orders from the US Navy and the UK’s Technology Strategy Board for its new PowerBuoy wave power device.

Charles F. Dunleavy, Chief Executive Officer of OPT said: “Ocean Power Technologies ended fiscal 2011 with the highest backlog in its history as we achieved further progress towards PowerBuoy commercialization. We are pleased with the many recent developments, including the successful deployment of our PB150 off Scotland, and we expect the remainder of calendar 2011 to be active as well.”