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Ocean Power Technologies Inc. has announced that its wholly owned Oregon subsidiary, Reedsport OPT Wave Park LLC, has received approval from the U.S. Federal Energy Regulatory Commission (FERC) for the full build-out of its planned 1.5 MW, grid-connected wave power station offshore Reedsport, Ore.

According to Ocean Power Technologies, this is the first FERC license for a wave power station issued in the U.S. and provides an important regulatory approval for the deployment of up to 10 OPT devices.

The initial PowerBuoy is nearly constructed and is expected to be ready for deployment about 2.5 miles off the Reedsport coast later this year. OPT has received funding for this first system from the U.S. Department of Energy and PNGC Power, an Oregon-based electric power cooperative.

Specifically, FERC has granted a 35-year license for grid-connected, wave energy production.

"The issuance of this license by FERC is an important milestone for the U.S. wave energy industry as well as for OPT," says Charles F. Dunleavy, CEO of OPT. “The 35-year term of the license demonstrates the commercial potential of wave power, and this will support initiatives to secure financing for the project.”

After the initial PowerBuoy is deployed, OPT plans to construct the balance of the wave power station, consisting of up to nine additional PowerBuoys and grid connection infrastructure, subject to receipt of additional funding and all necessary regulatory approvals.



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