Ocean Power Technologies (OPT) deployed its first commercial PB3 PowerBuoy—a wave energy conversion system that incorporates energy storage—off the coast of New Jersey this July.
The Pennington, N.J.–based firm has been working to advance its PowerBuoy technology since the firm was founded in 1994. Development of the wave energy conversion technology for naval and civilian applications was catalyzed by small-business innovative research (SBIR) funding awards from the U.S. Navy.
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