Ocean Power Technologies (OPT) announced the company has been awarded a GBP 1.5 million grant from South West of England Regional Development Agency (SWRDA) for the development of OPT's 500 kW PowerBuoy, PB500, wave energy conversion technology. OPT is the first company to have commited to participating in the Wave Hub, a marine energy project being developed by SWRDA in Cornwall, England.

This is the second funding amount awarded to OPT for the development of PB500. The company was awarded USD 1.5 million from the US Department of Energy in April this year.

[source: Ocean Power Technologies]