Ocean Power Technologies (OPT) has completed a stage gate review with the Department of Energy (DoE) related to its power take-off (PTO) technology.
OPT’s technology can be used for both small and large scale power buoys.
Evaluation criteria for the stage gate review included PTO cost reduction, simplification of the manufacturing process, increased reliability, increased efficiency and overall reduction in PowerBuoy Levelized Cost of Energy (LCOE), OPT’s press release reads.
George Kirby, President and Chief Executive Officer of OPT, commented: “We appreciate the continued investments by the U.S. Department of Energy in support of our efforts to advance the marine renewable energy industry’s knowledge of PTO efficiency and costs and look forward to advancing that knowledge in the next phase of our contract. We believe these findings define a viable path toward developing scalable PowerBuoy commercial products suitable for large and small scale power applications.”
OPT will proceed to the Phase 2 of the conract that includes further research and development activities of the technology.
Image: Ocean Power Technologies