April 13, 2010 (FinancialWire) — Ocean Power Technologies, Inc. (NASDAQ: OPTT) said that it has won a $1.5 million award from the US Department of Energy for the development of OPT’s PowerBuoy wave power system.

According to the company, the DoE grant will be used to help fund the scale-up of the power output per PowerBuoy from the current level of 150 kilowatt to 500kW.

Ocean Power said that the technology development effort will also focus on increasing the power extraction efficiency and a “Design-for-Manufacture” approach, which aims to achieve lower installed capital and energy costs that are expected to be competitive with energy based on fossil fuels.

New Jersey-based Ocean Power Technologies develops wave-energy technology that harnesses ocean wave resources to generate electricity.

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