OPT 12 (Ocean Power Technologies, Wave Energy Conversion Company that primarily supplies and is funded by the US Navy, 2013, "Ocean Power Technologies: Capturing Wave Energy for the U.S. Navy and the Grid", http://www.acore.org/wp-content/uploads/2012/01/Ocean-Power-Technologies-Case-Study.pdf)
Over the next few years, OPT continued to develop its utility- scale wave power technology, and in 2007, the company achieved a few important steps along the commercialization pathway. During that year, OPT's Undersea Substation Pod, the underwater system used to interconnect PowerBuoys to the grid, received an independent certification that it complied with national and international standards. Another focus was scaling the buoys themselves, and the company signed agree- ments to manufacture and install its new and larger 150 kW buoys for testing in Reedsport, Oregon, and in Scotland. The goal for the Reedsport project is to ultimately install 10 of these units, which will provide 1.5 megawatts (MW) of electricity to the grid. The company also filed for permits from the U.S. Federal Energy Regulatory Commission (FERQ to build two utility-scale power generation projects, one of 50 MW and the other of 100 MW, off the coast of Oregon. Wave power projects of this size had not been attempted previously in the United States. It turned out that 2007 was also an important year in other ways for OPT. Early in the year, the company raised S90 mil- lion in an Initial Public Offering (IPO) on the NASDAQ ex- change.4 Development work on PowerBuoys for remote-sens- ing applications also took a step forward as OPT began new SBIR work. The objective for this effort was to test a buoy off the coast of New Jersey to see if it could serve as a power source for the Navy's Deep Water Active Detection System, an ocean data-gathering and communications program. million power take-off cycles and 4,400 hours of operation, the 40 kW PowerBuoy in Hawaii was interconnected to the electrical grid for the first time at the Marine Corps Base Hawaii.*1 In that same month, the U.S. Department of Energy chose OPT from a field of competitors to test and ultimately manufacture larger buoys (500 kW) with the goal of developing a buoy o" s-J'icie:-: scale for commercially competitive power generation* In the spring of 2011, the 150 kW unit built in Scotland began ocean tri- als. Construction of the first 150 kW unit in Oregon is likely to be completed in mid-2012. Meanwhile, OPT also has plans for wave power stations to be installed in Australia, England and Spain.