Ocean Power wins grant for wave project

LONDON, ENGLAND - Renewable energy firm Ocean Power Technologies has won a $66.5 million (US$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.

Ocean Power said work on the 19 megawatt project, enough to power 10,000 homes, was expected to begin by the second quarter of 2010.

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 Australian government is aiming to generate 20 percent of the country's electricity from renewable sources by 2020 and the grant awarded to Ocean Power forms part of funding totaling $235 million for four renewable energy projects.

Ocean Power said, however, further funding would be needed to complete the wave power station.

Related News

Paying for electricity in India

Paying for electricity in India: Power theft can't be business as usual

NEW DELHI - India is among the world leaders in losing money to electricity theft. The country’s power sector also has a peculiar pattern of entities selling without getting the money on time, or nothing at all. Coal India is owed about Rs 12,300 crore by power generation companies, which themselves have not been paid over Rs 1 lakh crore by distribution companies. The figures of losses suffered by discoms are much higher. The circuit does get completed somehow, but the uneven transaction, which defies business sense, introduces a disruptive strand that limits the scope for any future planning. Regular…

READ MORE
iran nuclear plant deal

Iran Says Deals to Rehabilitate, Develop Iraq Power Grid Finalized

READ MORE

snohomish-pud-hikes-rates-due-to-severe-weather-impact

Snohomish PUD Hikes Rates Due to Severe Weather Impact

READ MORE

all electric homes

All-electric home sports big windows, small footprint

READ MORE

Group to create Canadian cyber standards for electricity sector IoT devices

READ MORE