Thursday, Ocean Power Technologies Inc. (OPTT,OPT.L) announced the signing of an exclusive agreement with a consortium of 3 Japanese companies to develop a demonstration wave power station in Japan. The Japanese consortium comprises Idemitsu Kosan Co., Mitsui Engineering & Shipbuilding Co., and Japan Wind Development Co.
Ocean Power noted that this agreement is its first project in Japan and is in line with OPT's global strategy to form alliances with strategic partners in key markets.
The company added that the initial phase of the project will be for OPT and the Consortium to work with the Japanese government to increase the wave power recognition in Japanese energy policy, and to identify favorable sites for OPT wave power stations and assess their commercial prospects. Subject to the successful identification of a project site and completion of economic assessments, the parties plan to enter into an agreement to build a demonstration plant with up to 3 of its PowerBuoys.
For comments and feedback contact: editorial@rttnews.com
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.