OPTT - Ocean Power wins Energy Department award for next-gen wave energy converter

Ocean Power Technologies ( NYSE: OPTT ) +6.4% post-market after saying Monday the U.S. Department of Energy selected it for phase 2 development of a next-generation wave energy converter.

Ocean Power ( OPTT ) said it will receive ~$1.1M over the next 18-24 months to develop and test a modular and scalable Mass-on-Spring Wave Energy Converter PowerBuoy for reliable powering of autonomous ocean monitoring systems.

The company's Mass-on-Spring Wave Energy Converter technology generates power from the relative motion caused by the ocean waves and is scalable to support a wide range of applications and missions.

Ocean Power ( OPTT ) last week reported a FQ4 GAAP loss of $0.09/share on revenues of less than $1M .

For further details see: