Wave energy developer Ocean Power Technologies, Inc. has selected Australia's Professional Diving Services (PDS) to conduct a detailed seabed survey for a proposed 62.5 MW hydrokinetic installation.
The project, to be located off the Portland coast in southeastern Australia, is being developed by Ocean Power Technologies (NASDAQ: OPTT) via its subsidiaries Wave Partners Ptw Ltd. (VWP) and Ocean Power Technologies Australasia Pty Ltd. (OPTA).
OPTA said the surveying contract marks a major step in the project's development, and will take into account environmental, recreational and commercial interests.
"I have seen the proactive and positive approach taken by Victorian Wave Partners in engaging with the regional community, and I am honored to have been selected for this important work," PDS principal Frank Zeigler said.
VWP was awarded a US$61.6 million grant by the Commonwealth of Australia through a process undertaken by the Australian Department of Resources, Energy and Tourism under its Renewable Energy Demonstration Program.
Ocean Power Technologies -- headquartered in Pennington, N.J. -- said the project will create more than 300 jobs in association with the fabrication, engineering, marine services and maintenance operations throughout the site's development.
The company said it expects the project to cost more than $213 million to complete.
The site will eventually feature Ocean Power Technologies' PowerBuoy wave energy systems, which are currently being tested off the coast of Oregon.