Ocean Power Technologies Inc. received $4.8 million from the U.S. Department of Energy, and plans to use half towards the planned wave energy park off the coast of Reedsport.
The funding comes in two $2.4 million awards.
The first will be used for finishing and eventually deploying its first 150-kilowatt PowerBuoy, which is now under construction by Clackamas-based Oregon Iron Works. It’s the second batch of funding to be granted to the PowerBuoy work, following $2 million awarded by the Department of Energy in 2008.
The 220-ton buoy now under construction is expected to be deployed sometime next year. It will be part of a planned 10-buoy, 1.5-megawatt wave energy park along the Oregon Coast at Reedsport that is expected to provide enough power for about 1,000 homes.
Read more at Sustainable Business Oregon.