Ocean Power Technologies (OPT) has signed a settlement agreement (SA) with 11 federal and state agencies and three non-governmental stakeholders for the Oregon Wave Energy Project in the US.

Under the SA, Ocean Power will carry out phased development of a 10-PowerBuoy(R), 1.5MW utility-scale wave energy station to protect ocean resources and stakeholder interests.

Currently, Oregon Iron Works is manufacturing the first 150KW PB150 PowerBuoy, under a contract with OPT.

The 10-buoy wave farm is expected to be connected to the grid after receipt of the Federal Energy Regulatory Commission (FERC) licence for a commercial-scale project, and additional funding.