WAVE ENERGY BUSINESS WORKS

It will come as no surprise to readers of NewEnergyNews that wave energy is beginning to make its developers some money. But this is just a hint of what is to come.

Wave energy firm shows promising financial growth
December 17, 2007 (Portland Business Journal)

WHO
Ocean Power Technologies Inc. (OPT), PNGC Power, Federal Energy Regulatory Commission (FERC)

OPT wave energy buoy. (click to enlarge)

WHAT
Buoyed by permits to extend its testing, OPT generated revenues of $1.7 million in the 3rd Quarter of 2007, a huge jump over the previous year.

WHEN
- August 2007:OPT signed a $500,000 agreement with PNGC Power for a test project.
- Year to date, 2007: $1.7 million revenues against $4.3 million losses
- Year to date, 2006: $900,000 revenues against $4 million losses.

WHERE
- OPT is based in Pennington, NJ
- PNGC Power serves Oregon, Washington, Idaho, Montana, Utah, Nevada and Wyoming. - The OPT test is 2.5 miles off the Reedsport, Oregon, coast.
- OPT also has projects in Hawaii, Spain, France, the UK and New Jersey.

WHY
- The Q3 revenue increase was a 204% over the preceding year.
- OPT is publicly traded via NASDAQ (OPTT).
- For the Reedsport test, OPT will deploy a 150 kilowatt demonstration buoy. FERC issued a preliminary permit to develop 50 megawatts at the site.

Artist's conception of what a field of wave OPT buoys would look like. (click to enlarge)

QUOTES
PNGC website: “Scientists estimate that harnessing just 0.2 percent of the ocean’s untapped energy would supply enough power for the world. Reedsport, Oregon has been identified as an ideal location for a pilot project. Commercial developers are planning to develop a wave energy park and begin selling commercial electricity with PNGC Power’s participation.”