The DOE grant will be used to help fund the scale-up of the power output per PowerBuoy from the current level of 150kW to 500kW. In addition, the technology development effort will focus on increasing the power extraction efficiency and a ‘Design-for-Manufacture’ approach.

This approach aims to achieve lower installed capital and energy costs that are expected to be competitive with energy based on fossil fuels.

DOE issued the award to OPT under a competitive process, in support of renewable water power technologies.

The DOE is seeking to advance the commercial viability, market acceptance and environmental performance of marine and hydrokinetic technologies. Work under the award will be performed on an equal cost-sharing basis over a two-year period, subject to full expenditure authorization and incremental funding by the DOE.

This is the second award to OPT by the DOE. In 2008, OPT received $2.0m to provide funding for the construction of a PB150 PowerBuoy to be deployed in connection with the company’s project at Reedsport, Oregon.