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The USP, based on the company's proprietary design, has been developed to facilitate the collection, networking and transforming of power and data generated by up to ten of its PowerBuoys for transmission to a shore-based electricity grid by one subsea power cable. It has been built as an open platform, and can therefore provide "plug and play" connectivity for any offshore energy device linked to it.
Underwater trials of the USP included pressure testing, running electric power to and from the system, and verification of data communication capabilities.
The completion of this milestone by OPT is part of an Engineering, Procurement and Construction contract with Iberdrola Marinas de Cantabria, a special purpose company whose shareholders include:-
- Iberdrola, a Spanish utility company
- Sodercan, the regional development agency for the Cantabria region of northern Spain
- IDAE, the energy agency of the Spanish government
- Total, an oil and gas company.
OPT believes that the USP creates a potentially new revenue stream for the company from sales to third parties engaged in marine power development and other offshore activities. Current sources of OPT's revenues are PowerBuoys designed for utility-scale power generation projects and autonomous applications such as offshore homeland security.
Stuart Bower, Engineering and Projects Director of Ocean Power Technologies, said, "This project has been a true engineering challenge of converting an idea on a 'whiteboard' into reality and demonstrates how the company's technical base can be used to create valuable intellectual property. Comparable products used in the offshore oil and gas industry do not have the USP's advantages for higher power capacity, longer life expectancy, fewer moving parts, a passive cooling system, lower cost per MegaWatt, and the ability to accommodate many power generation devices. We are delighted at the potential value the USP can bring to wave power projects and other offshore energy markets."
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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