This agreement represents a major step towards the grant of the first license ever issued by the Federal Energy Regulatory Commission (“FERC”) for a commercial-scale wave power project in the US. The SA supports the responsible, phased development by OPT of a 10-PowerBuoy(R), 1.5 megawatt capacity wave energy station in a manner that protects ocean resources and stakeholder interests. Manufacturing of the first 150 kilowatt PB150 PowerBuoy is already underway at Oregon Iron Works under its contract with OPT. The 10-buoy wave farm is expected to be connected to the grid after receipt of the FERC license and additional funding, supplying clean energy to approximately 1,000 homes. Read More
