posted by GeoT
Ocean Power Technologies Project Wins A $66.5m Grant for Wave Power project
PENNINGTON, N.J. Renewable energy firm Ocean Power Technologies has won a (AUD)$66.5 million (USD)$61 million) grant from the Australian government for a project set to be one of the first to generate power from waves on a utility scale.
The company uses buoys floating up and down to drive an electrical generator, with the power generated being transmitted onshore via an underwater cable.
The project off the coast of Victoria is being carried out in conjunction with Leighton Contractors, a unit of Australian mining contractor Leighton Holdings.
The award was announced by the Australian Resources Energy Minister, Martin Ferguson, under the Renewable Energy Demonstration Program (REDP), which has awarded funding totaling (AUD)$235 million to four renewable energy projects, aimed at meeting the Government’s target of generating 20% of the country’s energy needs from renewable sources by 2020.
The grant is conditional on the signing of a Funding Deed stipulating the conditions for the grant, which includes funding milestones. Victorian Wave Partners will be required to seek additional funding to enable the completion of the 19 MW wave power station.
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