Thursday, Ocean Power Technologies Inc. (OPTT) said it has signed an exclusive agreement with a consortium of three 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. Further, OPT said it has been invited to become a member of the Tokyo Wave Power Initiative, a committee including the city of Tokyo, regional governments and national agencies involved in the promotion of new energy sources.
The company said that the 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. OPT now has a range of power generation projects globally, including those in Oregon and Hawaii, USA; Scotland and Southwest England; Spain; Australia; and Japan.
Under the anticipated agreement to build the demonstration plant, OPT said it will sell the equipment for the power station to the Consortium. For subsequent wave power stations, the Consortium will provide manufacturing and maintenance of the power stations and on-going plant operations, while OPT will provide its PowerBuoy technology under license and also sell certain subsystems of the plant to the Consortium.
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