Ocean Power poised for Spain

By David Blackwell
Published: July 15 2008 03:00

Ocean Power Technologies, the Aim-quoted renewable energy company, is expecting to put its first 40kw buoy in the water next month under its contract with Iberdrola to develop a wave power station off the northern coast of Spain.
The company also expects its next-generation 150kw buoy to be ready for ocean tests next year.
Revenues for the year to April 30 rose 89 per cent to $4.8m (£2.4m), helped by further work with the US Navy and a contract with PNCG Power, the Oregon utility, to investigate the potential of the Pacific as an energy resource.
The company has $101m of net cash after a secondary listing on Nasdaq in May last year, and does not expect to have to return to the market before becoming profitable.
The net loss last year increased from $9.6m to $14.7m.
The shares closed up 2½p at 410p. David Blackwell
Copyright The Financial Times Limited 2008