Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Ocean Power Cancels U.S. Project, Gets Australia Funding

April 1 (Bloomberg) -- Ocean Power Technologies Inc., a producer of wave-energy systems, canceled a project off the U.S. West Coast while moving forward with an initiative in Australia.

Ocean Power and the U.S. Energy Department terminated an agreement to deploy one of its PowerBuoys off the coast of Oregon because it was unable to obtain financing to cover “a considerable increase in costs,” the Pennington, New Jersey-based company said in a filing today with the U.S. Securities and Exchange Commission. The company said the cancellation won’t affect its finances.

Ocean Power also said it received an A$5 million ($4.6 million) grant from the Australian Renewable Energy Agency for a planned wave-power project off the coast of Victoria, Australia. The agency has pledged as much as A$66.5 million for the project, and the company will be required to to raise “significant additional funding.”

Ocean Power said in February that it’s working with Lockheed Martin Corp. to develop the 62.5-megawatt offshore project.

The company’s PowerBuoys move up and down as waves rise and fall, converting mechanical energy into electricity that’s sent to shore through underwater cables.

To contact the reporter on this story: Justin Doom in New York at jdoom1@bloomberg.net

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Will Wade, Robin Saponar

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.