Ocean Power Technologies Inc.
) business wing Victorian Wave Partners Pty Ltd ("VWP") has
employed Victoria-based Professional Diving Services ("PDS") to
perform seabed surveys to determine the location of the company's
planned 62.5 megawatt (MW) peak rating wave power station
offshore Portland, Victoria.
Victorian Wave Partners is a subsidiary of Ocean Power
Technologies Australasia Pty Ltd ("OPTA"). OPTA is jointly owned
by Ocean Power and Woodside Petroleum Ltd. Ocean Power holds an
88% stake in OPTA.
Once completed, the proposed project will generate electricity
that will adequately power about 30,000 households. Ocean Power
estimates the total cost of the project to be over $211.6 million
(A$ 230 million), considering all three stages are completed.
The new initiative came in response to the $61.2 million (A$
66.5 million) grant received by the company from the Commonwealth
of Australia through a competitive process undertaken by the
Australian Department of Resources Energy as part of its
Renewable Energy Demonstration Program. This program is
supervised by the Australian Renewable Energy Agency (ARENA).
The proposed project will use Ocean Power's ground-breaking
PowerBuoy technology to convert wave energy into electric power
suitable for utility-scale grid applications. The project will
also pay due heed to the ocean environment in the Portland
Wave energy-based electricity is slowly gaining acceptance
with companies like Ocean Power heavily investing to tap this
form of energy. This source of renewable power generation has the
potential to outpace wind energy.
Ocean Power's wave energy initiative will certainly prove
beneficial given Australia's vast and extensive coastline which
experiences frequent high intensity waves. This will allow the
company to substantially harness wave-based electricity thereby
effectively fulfilling the rising power needs.
However, the cost of production of wave energy devices is much
higher than wind and solar. This is expected to limit Ocean
Power's growth opportunities.
Other industry players currently looking good are Zacks Ranked
FuelCell Energy Inc.
Based in Pennington, NJ, Ocean Power Technologies engages in
the development and commercialization of proprietary systems that
generate electricity by harnessing the renewable energy of ocean
FUELCELL ENERGY (FCEL): Free Stock Analysis
GEVO INC (GEVO): Free Stock Analysis Report
HYDROGENICS CP (HYGS): Get Free Report
OCEAN POWER TEC (OPTT): Get Free Report
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