Ocean Power nixes plans to build Australia wave power project

|About: Ocean Power Technologies, Inc. (OPTT)|By:, SA News Editor

Ocean Power Technologies (NASDAQ:OPTT) -8.5% AH after cancelling plans to build a wave energy project off the coast of Australia, saying it says is no longer commercially viable.

OPTT's Victorian Wave Partners subsidiary told the Australian Renewable Energy Agency that it would terminate its demonstration project funding deed.

OPTT says it will repay what it has received of a A$66.5M government grant, which was intended to be used toward the A$232M proposed cost of building the project.