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Ocean Power Technologies gets US2.75 million in funding from Navy

Marine hydro firm Ocean Power Technologies Inc. announced that the U.S. Navy has awarded $2.75 million in additional funding to OPT for a second stage under its existing contract to provide an autonomous PowerBuoy wave energy conversion system for the Navy's near-coast anti-terrorism and maritime surveillance program.

The new award follows the successful completion by OPT of the first stage of a four-year $15.0 million project for the US Navy's Littoral Expeditionary Autonomous PowerBuoy (LEAP) program.

Ocean Power Technologies Inc. recently completed the first-ever grid connection of a wave energy device in the United States at the Marine Corps Base Hawaii, in conjunction with the U.S. Navy.

The connection demonstrates the ability of OPT's PowerBuoy systems to produce utility-grade, renewable energy that can be transmitted to the grid in a manner fully compliant with national and international standards, a press release states.

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