US DOE Selects Ocean Power Technologies To Support Development Of Wave Energy Converter Concept

Ocean Power Technologies Inc OPTT has been selected by the U.S. Department of Energy (DOE) to further the development of a next-generation wave energy converter.
The company will receive up to $197,203 to perform a preliminary conceptual design and feasibility study of a modular and scalable small-scale Mass-on-Spring Wave Energy Converter (MOSWEC) PowerBuoy for powering autonomous ocean monitoring systems.
Ocean Power Technologies holds multiple patents related to MOSWEC technology, which generates power from the relative motion caused by the ocean waves.
Price Action: OPTT shares are trading higher by 3.74% at $1.94 during the premarket session on Tuesday.