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Ocean Power records decrease in technology development expenses

Ocean Power Technologies finished the fiscal year ended April 30, 2012 with a net loss of $15.2 million compared with $20.5 million in the year prior.

Despite the fact the wave energy company has yet to report gains, chief executive Charles F. Dunleavy remains optimistic, pointing out that it is an improvement over the previous year and a reflection of the company's successful effort to decrease product development costs.

"As expected, we lowered our cash burn this past year and plan to reduce this further in the current fiscal year. Management remains focused on our core technology as well as converting several business development opportunities around the globe into revenue-generating orders," said Mr. Dunleavy.

Operation loss for the 12 months ended April 30, 2012 was $16.6 million compared with $21.3 million for the same period last year, reflecting a 37 percent decrease in product development costs.

The company said it's on track to complete construction of their first PB150 PowerBuoy for their project at Reedsport, Oregon. The first buoy in Reedsport is scheduled for deployment late this summer. Work has also commenced on the company's WavePort project in Spain and plans are moving ahead for a 19-megawatt project in Victoria, Australia. (See related story)

"We believe 2013 will be a year of achievements in our drive to commercialize our PowerBuoys in both the utility and autonomous power markets," said Mr. Dunleavy. – EcoSeed Staff

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