OPT tests its new power take-off system
- Business & Finance
Ocean Power Technologies (OPT) has begun the testing of a redesigned APB350 power take-off (PTO) system, in addition to completing the repairs on its APB350 A1 PowerBuoy.
According to OPT, the accelerated life testing (ALT) consists of operating PTOs in tandem with accelerated operating profiles, which subjects the PTOs to various load conditions encountered in extreme sea states.
The test simulates an equivalent three-year ocean deployment within a period of six to nine months, with PTOs that are identical to those in APB350 A1, OPT states.
Mike Mekhiche, OPT’s Vice President of Engineering, said: “ALT is a critical component of our development and manufacturing validation process as we focus on improving the robustness and durability of our systems. We intend to use ALT results to improve our PowerBuoy designs, and to validate reliability, which we believe will be critical to our prospective customers.”
OPT also announced that it has completed the necessary repairs on its APB350 A1 PowerBuoy that had been deployed off New Jersey since August. According to OPT, the buoy is ready for redeployment.
Upon redeployment, sea trials of the A1 will continue off the coast of New Jersey to further validate the buoy reliability and survivability with periodic inspections as needed.
George Kirby, President and Chief Executive Officer of OPT, said: “Our key goals for the APB350 A1 deployment are to test the linear seal, which prevents water from entering the buoy, overall mechanical integrity, and our newly designed PTO.”
In addition, OPT entered into an At The Market equity offering sales agreement (ATM Agreement) with Rodman & Renshaw on October 19, 2015, under which OPT may offer and sell shares of its common stock having an aggregate offering price of up to $2,906,836. According to OPT, it intends to use the net proceeds of the offering for working capital and general corporate purposes.
Ocean Power Technologies is a New Jersey-based wave energy developer that has designed their proprietary PowerBuoy technology based on a modular design.