Ocean Power Technologies (OPT), developer of the PowerBuoy wave energy system, has announced its financial results for the first quarter.
First quarter highlights include a contract order backlog increased to $6.5m (£4.2m) at 31 July 2010, compared with $5.7m at 30 April 2010 and $6.4m at 31 July 2009.
Similarly, revenue grew by five per cent to $1.4m for the quarter ended 31 July 2010, compared with $1.3m for the quarter ended 31 July 2009.
In the field, significant progress is said to have been made on OPT’s Littoral Expeditionary Autonomous PowerBuoy (LEAP) project with the US Navy. Design work has been submitted and OPT expects to complete the initial phase of the project by the end of this calendar year.
Charles F Dunleavy, chief executive officer of OPT, said: ‘We have made a good start to this fiscal year with an increase in contract order backlog and continued progress on our utility and autonomous PowerBuoy projects in the US and UK.
‘Construction of our first PB150 PowerBuoy in Scotland is approaching completion and the manufacturing of our second PB150 PowerBuoy in Reedsport, Oregon, is on schedule.
‘The development of our next-generation PB500 device also gained momentum with backing from the South West of England Regional Development Agency.
‘As a result, with growing global interest in wave energy, solid progress in our technology development and the continuing successful operation of our PowerBuoy installed in Hawaii, we continue to look to the future with confidence.’