OPT agrees $1m Mitsui lease
US wave developer’s PowerBuoy tech to be deployed off Japan
Ocean Power Technologies has agreed a $975,000 deal to license its PB3 PowerBuoy to Japanese outfit Mitsui Engineering and Shipbuilding.
The PB3 PowerBuoy leased by Mitsui will be deployed off Kozu island in Japan following a planned stage gate technology review.
Under the agreement, OPT will provide engineering support, associated deployment planning and logistics plus ocean performance data collection and analysis.
OPT and Mitsui will also jointly develop and test an advanced control algorithm with the goal of assessing increased ocean wave energy capture and electric power generation for potential customers in Japan and surrounding countries.
Work on the project began in March 2016 following the signing of a letter of intent.
OPT chief executive George Kirby: “This first commercial agreement with Mitsui is a significant and exciting commercialization milestone for OPT, and will allow Mitsui to demonstrate the flexibility of the PB3 power and communications platform in sea conditions off the coast of Japan.”
Kirby added OPT would work with Mitsui to commercialize the PB3 throughout Asia.
Targeted applications include national defence and security such as early detection and warning systems for subsea and surface threats, or oil field management and metocean applications for the oil and gas industry.
Image: PowerBuoy wave energy device (OPT)