US Department of Energy decided to terminate the negotiations over the USD 1 million grant awarded to Ocean Power Technologies.
The company accepted the decision without protest.
The grant was awarded last year as part of Marine and Hydrokinetic System Performance Advancement programme aiming to improve materials, manufacturability, and durability of the float and spar.
The end result of the USD 1.25 million project is to significantly improve the PowerBuoy’s power‐to‐weight ratio making it more reliable and marketable.