Ocean Power Technologies - lots of cash to realise the dream
Ocean Power Technologies (‘OPT’) the AIM quoted wave power company made an interesting announcement yesterday.
It has filed applications for permits from the US Federal Energy Regulatory Commission (FERC) for two 100 MW wave power generation projects in Oregon, USA.
The permit applications are for the building of OPT Wave Parks near Newport, in Lincoln County Oregon. Power produced by these wave parks will be provided to the existing local transmission system. The projects are also eligible for the state energy Tax Credit and a 100MW power station is estimated to provide energy for approximately 50,000 homes.
This appears to be another vote of confidence in the OPT technology.
As at 30th July they still had c$30m in the bank to support ongoing research and the commercialisation of their dream.
Since falling to under 55p in November, the shares have come storming back to c85p.
With an increasing focus on green energies in the US which was emphasised in the President’s State of the Union address-although wave power was not specifically mentioned- hopefully OPT will attract growing interest.
It’s a great concept, led by a serious and committed management who also present a compelling investment argument. For the sake of my shareholding, and the environment, let’s hope it all works.
It has filed applications for permits from the US Federal Energy Regulatory Commission (FERC) for two 100 MW wave power generation projects in Oregon, USA.
The permit applications are for the building of OPT Wave Parks near Newport, in Lincoln County Oregon. Power produced by these wave parks will be provided to the existing local transmission system. The projects are also eligible for the state energy Tax Credit and a 100MW power station is estimated to provide energy for approximately 50,000 homes.
This appears to be another vote of confidence in the OPT technology.
As at 30th July they still had c$30m in the bank to support ongoing research and the commercialisation of their dream.
Since falling to under 55p in November, the shares have come storming back to c85p.
With an increasing focus on green energies in the US which was emphasised in the President’s State of the Union address-although wave power was not specifically mentioned- hopefully OPT will attract growing interest.
It’s a great concept, led by a serious and committed management who also present a compelling investment argument. For the sake of my shareholding, and the environment, let’s hope it all works.