New Jersey-based Ocean Power Technologies (OPT), which has six wave power station projects on the go globally, has become involved as a development partner in the South West Wave Hub Project, its first UK venture, to deploy a renewable energy station off the north coast of Cornwall. The station will initially comprise the group’s 150 kW ‘PowerBuoy’ devices, 30 of which, in total, are set to be deployed during 2007-2008.

The aim of the £15 million Wave Hub project, backed by the South West of England Regional Development Agency, is to create the world’s first wave energy farm by building an electrical ‘socket’ on the seabed ten miles out to sea, connected to the National Grid via an underwater cable.

OPTs’ other project sites are located in Spain, France, Hawaii and New Jersey. Clients include the US Navy, Total and Lockheed Martin is a development partner.

OPT lost £2.2 million in the six months to October on £600,000 sales. Listed on AIM at 125p in late 2003, the shares have had a rocky ride to 73p, giving a £38 million market price tag.