Ocean Power Technologies
Two U.S. Department of Energy (DOE) reports provide back-to-back confirmation that the potential for electricity from coastal wave and tidal stream energy could reach as high as 15 percent of the total of current U.S. electrical demand.
As a source of energy, the ocean is even better than the sun. It is capable of delivering energy 24 hours a day, 365 days a year. But the difficulty of capturing wave energy in significant amounts – faced with the sea’s pitiless environment – has plagued scientists for a long time.
Capturing the power of tides has been slowly gaining momentum in the renewable power conversation but recent technological advancements and interest suggest that commercial production of hydrokinetic power is not too far off.
Energy consulting firm IHS Inc. (NYSE: IHS) issued a report this week saying 1.8 gigawatts (GW) of ocean wave and tidal energy projects are in “the pipeline”. For investors wanting to participate, there is only one publicly traded pure-play company in this business: Ocean Power Technologies, Inc. (NASDAQ: OPTT).
The U.S. Department of Energy (DOE) recently announced it will make its largest investment ever – more than $37 Million – to develop marine and hydrokinetic (MHK) technologies.
Without doubt, it has been a difficult spring and summer for the oil industry. Three major oil spills, each of which is the largest their affected area has ever endured. The Kalamazoo River in Michigan is the latest victim, with an estimated 1 million gallons floating with
Ocean Power Technologies Inc. (Nasdaq: OPTT), a Pennington, N.J.-based pioneer of wave-energy technology for autonomous power generation and the utility market, has been making moves in the emerging wave energy market.
Ocean Power Technologies [Nasdaq:OPTT] will install the first commercial scale wave power farm in the United States.
After a long process of application and waiting, four flagship projects have been awarded $128 million (USD) in grants by the Australian Government.
The projects were selected from 61 possible applicants to the Australian Renewable Energy Demonstration Program (REDP), which has been deliberating since last April.
