OPT strikes lease deal with Mitsui

Business & Finance

Ocean Power Technologies (OPT) has entered into PB3 PowerBuoy lease agreement with Mitsui Engineering and Shipbuilding.

Under the $975,000 contract, OPT will lease its PB3 PowerBuoy planned for deployment off Kozu island, Japan, following a stage gate review, according to the company.

OPT will also provide engineering support, associated deployment planning and logistics and ocean performance data collection and analysis.

In addition, OPT and Mitsui Engineering and Shipbuilding (MES) will 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.

George Kirby, President and Chief Executive Officer of OPT, said: “This first commercial agreement with MES is a significant and exciting commercialization milestone for OPT. We believe that the deployment under this Agreement could provide access to a potentially huge market in Japan and the surrounding areas, and we’re looking forward to potentially leveraging these events with other interested parties.”

Work on the project began in March 2016 following the signing of a letter of intent by OPT and MES.