Ocean Power Tech signs LOI with Mitsui for APB350 PowerBuoy lease

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

Ocean Power Technologies (OPTT +22.7%) soars after signing a letter of intent with Mitsui Engineering to negotiate an agreement to lease the APB350 PowerBuoy for a project off the coast of Kozu island in Japan.

The companies anticipate jointly developing and testing an advanced control algorithm with the goal of assessing increasing ocean wave capture and electric power generation.

OPTT regards the lease and deployment of the APB350 PowerBuoy as a critical step in its commercialization strategy to demonstrate the ability to apply its technology in Japan and other parts of the world.

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