OPT has signed an exclusive agreement with a consortium of three Japanese companies to develop a demonstration wave power station in Japan
Ocean Power Technologies, a developer of wave-energy technology that harnesses ocean wave resources to generate reliable, clean and environmentally-beneficial electricity, has signed an exclusive agreement with a consortium of three Japanese companies to develop a demonstration wave power station in Japan.
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Under the initial phase, Ocean Power Technologies (OPT) and the consortium will work with the Japanese government to increase the recognition of wave power in Japanese energy policy, and to identify favorable sites for OPT wave power stations and assess their commercial prospects, leading to the building of a demonstration plant with up to three OPT PowerBuoys.
The trial plant will provide the basis for the expected building of a commercial-scale OPT wave power station with an initial capacity of at least 10MW, equivalent to the power needs of up to 3,000 households in Japan.
The Japanese consortium comprises Idemitsu Kosan, a Japanese energy company; Mitsui Engineering & Shipbuilding, a major industrial business focused on machinery and shipbuilding; and Japan Wind Development, which primarily develops and operates wind power stations.