Ocean Power +24% as PB40 PowerBuoy wins final approval for deployment

• Ocean Power Tech (NYSE:OPTT +24.3%) pushes to strong gains after announcing it received final permit approval from the New York District Army Corps of Engineers for the PB40 PowerBuoy system designed to transmit electricity to shore by an underwater power cable, and providing notice periods to the U.S. Coast Guard and other parties involved in the permitting process.
• The PB40 will be deployed ~30 nautical miles southeast of New York Harbor.
• OPTT also says the permitting process for its APB-350 A1 deployment is well underway and anticipated for this summer.