Ocean Power Technologies Signs MOU with Mitsui for Wave Power Technology

Ocean Power Technologies (OPT), a marine hydro company, declared that it has spread out its current association with Mitsui Engineering and Shipbuilding Company by contracting a new agreement. The new contract requires OPT to expand its current Power Buoy technology to match the needs of an application to be carried out in the Japanese seas.

OPT had earlier signed an MOU in October 2009 with Mitsui, Japan Wind Development Company and Idemitsu Kosan Company for the exploitation of wave energy in Japan, and the current agreement is in sequence of it. The associated companies had negotiated with the government of Japan to amplify the scope for wave power in the energy policy of Japan. The government of Japan is planning to meet 10% of its total power generation from renewable energy sources by 2020.

According to the contracted agreement both the companies will jointly utilize their resources in building up a new wharfing system exclusively to anchor the Power Buoy developed by OPT away from the Japanese coast. Before being put into use the newly developed wharfing system will be tested at the wave tank facilities owned by Mitsui to validate the results of computer simulation.