Ocean Power Technologies Announces Funding Agreement With Australian Government for A$66.5 Million Grant

PENNINGTON, N.J., Jan. 14, 2014 (GLOBE NEWSWIRE) — Ocean Power Technologies, Inc. (Nasdaq:OPTT) (“OPT” or “the Company”), today announced that Victorian Wave Partners Pty Ltd (“VWP”), its project-specific operating entity wholly-owned by Ocean Power Technologies, Australasia (OPTA), has signed an agreement with the Australian Renewable Energy Agency (“ARENA”). This agreement is a Deed of Variation to the original Funding Deed through which a A$66.5 million grant was previously awarded by the Commonwealth. The grant will be used towards the cost of building and deploying a 62.5MW peak-rated wave power station off the coast of Portland, Victoria.

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Categories: Enviro/Energy/Engineering Industry Network

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