Ocean Power Technologies May Have Found a New Customer in Japan

Ocean Power Technologies, Inc. (Nasdaq:OPTT) may soon have its wave power technology supplying power to Japan.

The company recently signed an exclusive agreement with a consortium of Japanese companies to promote the development of wave power in Japan.  Initially, Ocean Power Technologies (OPT) will help the consortium increase the awareness of wave power in the government, and lobby for it to be adopted in the country's energy policy. 

Then OPT and the consortium will explore possible sites to set up an OPT demonstration wave power station.  If a suitable site is located, the parties plan to build an OPT demonstration plant, which will be outfitted with three of the company's PowerBuoys.  The pilot power station is considered by the parties to be the basis for the construction of a commercial-scale OPT wave power station, which will be able to generate 10 megawatts of power.  The agreement calls for the consortium to build and maintain the power plant, whie OPT will supply the technology.

OPT's executive chairman, George W. Taylor explains why Japan is perfect for wave power:  "As one of the world's largest economies, with a dense urban population and a coastline almost as long as Canada, Japan plays a significant regional role in promoting technical innovation and clean energy."

Read the full story at Renewable Energy World:  Wave Energy Station Planned for Japan