Ocean Power Technologies Secures US$1.9 Million in Contracts

Ocean Power Technologies (NASDAQ:OPTT), clean energy company focused on offshore and subsea applications announced that it has signed two contracts with Enel Green Power Energy, subsidiary of Enel Group a Chilean multinational corporation. The contracts are valued at a cumulative US$1.9 million. Underscoring the projects, will be Ocean Power Technologies providing renewable energy systems for marine systems in Chile.

As quoted in the press release:

“Enel Green Power is working to explore and develop the marine energy technology segment in Chile, and the purchase of the PB3 PowerBuoy® is a significant milestone towards this aim. With this new device, and our continued involvement with MERIC, we remain committed to expanding our knowhow and advancing this frontier in renewable generation,” said Valter Moro, General Manager of Enel Green Power Chile.

“These agreements highlight OPT’s ability to deliver turn-key solutions for our customers, including design and integration of custom payloads and providing offshore deployment services,” said George Kirby, OPT President and Chief Executive Officer. “Today’s announcement of our first PB3 PowerBuoy® sale is a strong validation of the research and development it has taken to bring this cutting-edge technology to market.”

Click here to read the full press release.