Ocean Power signs wave-energy contract with Mitsui

Mitsui Engineering & Shipbuilding has employed Ocean Power Technologies (OPT) to develop PowerBuoy technology for Japanese sea conditions.

This new contract builds on the company’s memorandum of understanding (MOU) signed in October 2009 with Mitsui, Idemitsu Kosan and Japan Wind Development for the development of wave energy in Japan.

Since then, the consortium has worked with the Japanese government to increase recognition of wave power in Japanese energy policy, which intends to boost renewable energy sources to 10 per cent of primary energy supply by 2020.

Under this new agreement, which is expected to be performed over the next six months, OPT and Mitsui intend to complete work on a mooring system and progress the identification of a project site for an in-ocean trial of the PowerBuoy system.