Oct. 24 (Bloomberg) -- Ocean Power Technologies Inc., a U.S. developer of wave-energy plants, said it will work with Japan’s Mitsui Engineering & Shipbuilding Co. to bring its marine systems to market.
The agreement gives Mitsui the right to sell OPT’s PowerBuoy in countries including Japan, Vietnam, the Philippines and Malaysia, according to a statement today from Pennington, New Jersey-based OPT. Mitsui will get a 10-year license to make and market PowerBuoys, and OPT will receive royalty payments.
While there are no commercial-scale wave projects yet operating, marine energy is increasingly attracting large industrial companies keen to gain a foothold as producers of the technology start bringing their equipment to market. Alstom SA, Siemens AG and ABB Ltd. already have invested in the industry.
OPT has been collaborating with Mitsui since 2009. A year ago the U.S. company won a $900,000 contract from Mitsui to tailor its equipment for Japanese waters. The latest deal cements its growth in Asia, while also allowing Mitsui to sell the PowerBuoy in South Africa, Mozambique and Namibia.
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