August 12th, 2006
ocean Power Technologies of London is set to build (what it claims to be) the first commercial wave plant in Europe. Located off the coast of Spain in cooperation with the French oil group, Total, the wave plant is expected to produce about 1.25 MWe of electricity. Although this is a drop in the pool compared to current average sizes of renewable energy projects, Ocean Power believes that it will be the first to transfer wave technology from the experimental arena, to the commercialized arena.
Up in the drawing board for Ocean Power Technologies is a 5 MW wave facility off Cornwall and a larger, 50 MW plant off the coast of Oregon in the US. Ocean Power Technologies shareholders are now jumping with glee as share prices move up. Read more about this development here.