With the new award, OPT will lead a project to accelerate the development of the technology for a larger version of its utility-scale PowerBuoy for expected deployment at the Wave Hub marine energy project, sponsored by SWRDA.

The anticipated collaboration among OPT, A&P Falmouth and the Peninsula Research Institute for Marine Renewable Energy will contribute to the scale-up of OPT’s existing 150kW to 500kW PowerBuoy.

Angus Norman, CEO of OPT subsidiary Ocean Power Technologies Ltd, said: “This award is a mark of the commitment and strong relationships among OPT, its partners and SWRDA to establish the South West of England as one of the world’s leading centers for marine energy with the Wave Hub as its focal point.

“It will enable OPT to accelerate the development of its next generation PowerBuoy, which we believe will be competitive in large production volumes with fossil fuel-based energy. It also will help to boost Britain’s renewable sector in the long term.”