£1.5 million investment in Ocean Power Technologies

Whilst on a visit to the Wave Hub site, Mark Prisk, Business and Enterprise Minister, announced that the Regional Development Agency were investing £1.5 million into Ocean Power Technologies (OPT) to help develop a 500 kW version of their Powerbuoy device.

OPT are currently working with several south west based organisations in the development of their device; Peninsula Research Institute for Marine Renewable Energy and dockyard and fabricators A&P, based in Falmouth.

OPT are the first company to sign up to connecting to the Wave Hub, to be commissioned next year. Construction is just about to begin, with the cable laying vessel currently on its way to start installation next week.

Mark Prisk said: “This ground-breaking Wave Hub project is evidence of British engineering and offshore expertise – almost 80% of the value of contracts awarded so far have gone to UK businesses”