MendoCoastCurrent, October 8, 2009
Ocean Power Technologies Inc. has signed an exclusive agreement with three Japanese companies to develop a demonstration wave energy station in Japan. Idemitsu Kosan Co., Mitsui Engineering & Shipbuilding Co. and Japan Wind Development Co. comprise this consortium and have invited OPT to become a member of this Tokyo Wave Power Initiative.
This is OPT’s first venue in Japan and complements OPT’s global strategy to form alliances with strategic partners in key markets. OPT now has a range of power generation projects globally, including those in Oregon and Hawaii in the U.S., Scotland and Southwest England in the U.K., Spain, Australia and now Japan.
Under the anticipated agreement to build the demonstration plant, OPT said it will sell the equipment for the power station to the The companies in Initiative. And they will provide manufacturing and maintenance of the power stations and on-going plant operations, while OPT will provide its PowerBuoy technology and appropriate subsystems.