Monday, April 28, 2014

Experimental Efforts to Harvest the Ocean’s Power Face Cost Setbacks

Ocean Power Technologies is taking its buoy project from the Oregon coast to Australia. (Credit: Thomas Patterson for The New York Times) Click to enlarge.
Despite receiving at least $8.7 million in federal and state grants, Ocean Power told regulators that it could not raise enough money to cover higher-than-expected costs and would instead pursue a similar project in Australia, backed by a $62 million commitment from that country’s government.

The shuttering of the ambitious project — which, as the nation’s first grid-connected commercial-scale wave park, was to have 10 buoys supplying power to about 1,000 homes — is the latest setback for the nascent wave energy sector in the United States, which remains in the experimental stage.

Experimental Efforts to Harvest the Ocean’s Power Face Cost Setbacks

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