Ocean Power Technologies, Inc. (Nasdaq: OPTT) (“OPT” or “the Company”), a leading wave energy technology company, today announced that Victorian Wave Partners Pty Ltd. (“VWP”) has engaged Victorian company Professional Diving Services (“PDS”) to conduct a detailed seabed survey for the location of VWP’s proposed 62.5MW peak rating wave power station. The wave power station is planned for installation off the coast of Portland, Victoria.
The proposed Portland wave power station is the largest of its kind in the world. The project is being developed by VWP, a wholly owned subsidiary of Ocean Power Technologies Australasia Pty Ltd (“OPTA”). OPTA is an Australian company owned by OPT (88%) and energy company Woodside Petroleum Ltd (12%).
OPTA awarded the seabed survey contract to PDS after undertaking an extensive qualification process, marking a major step in development of the project. The project recognizes the significance of the ocean environment for the Portland region and the survey will identify the best area off the coast for the wave power project, taking into account environmental, recreational and commercial interests.
In excess of 300 sustainable jobs are expected to be created in the region associated with fabrication, engineering, marine services and maintenance operations over the life of the project. The completed project is expected to provide power for up to 30,000 homes.
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