Ocean Power Technologies Awarded U.S. Department of Energy Grant to Increase PowerBuoy Performance

PENNINGTON, N.J., Sept. 5, 2013 (GLOBE NEWSWIRE) — Ocean Power Technologies, Inc. (Nasdaq:OPTT) (“OPT” or “the Company”) today announced that the Company has been awarded a U.S. Department of Energy (“DOE”) Small Business Innovation Research (“SBIR”) Phase I grant of approximately $150,000 to study advanced control methods for maximizing the wave energy harvesting capability of its PowerBuoy® products. Less than 12% of the DOE’s SBIR and related Small Business Technology Transfer funding applications were granted in this latest funding round.

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Categories: Enviro/Energy/Engineering Industry Network

Author:NJ Tech Council

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