Ocean Power Technologies (OPT) will be working with a consortium of European companies to advance the energy conversion system of OPT’s PowerBuoy device through the development of a new wave prediction model.

The new technology will be installed at an existing mooring site at Santoña, Spain.

The technology will enhance the efficiency of patented PowerBuoy wave energy systems under the company’s existing $3m WavePort project.

According to the company, the new system will increase the power output of the PowerBuoy and reduce the cost per megawatt hour of energy produced.