Ocean Power Technologies has signed a groundbreaking “settlement agreement” with 11 federal and state agencies and three non-governmental stakeholders for its utility-scale wave power project at Reedsport, Oregon.

This agreement represents a major step towards the grant of the first licence ever issued by the Federal Energy Regulatory Commission (FERC) for a commercial-scale wave power project in the US, says tthe company.

The SA supports the phased development by OPT of a 1.5 MW capacity wave energy station consisting of ten of OPT’s PowerBuoys. Manufacturing of the first 150 kW PB150 PowerBuoy is already underway at Oregon Iron Works.

In the UK, OPT recently received a £1.5 million (approximately $2.3 million) grant from the South West of England Regional Development Agency (“SWRDA”) for the development of its next generation, 500 kW, PowerBuoy, which would be tested using the SWRDA-sponsored undersea connector, the Wave Hub.