New Jersey-based wave energy technology company Ocean Power Technologies, Inc. reported $6.7 million in revenues for its fiscal year ending on April 30, 2011, a 31 percent increase compared with 2010 which posted $5.1 million.
Meanwhile, the company’s net loss increased by $1.2 million, from $19.2 million in 2010 to $20.4 million in the 2011 fiscal year.
The company cited projects with the United States Navy as responsible for the revenue increase. Net loss was attributed to lower interest income and an increase in foreign exchange losses.
In the fourth quarter, Ocean Power completed an upgrade of its utility-scale PowerBuoy device with a power output of 150 kilowatts. It awarded four contracts to Oregon-based companies to manufacture their PowerBuoy.
The PowerBuoy system is based on modular, ocean-going buoys that capture and convert rising and falling wave energy into clean electricity.
Comparing revenues between the current fiscal year’s fourth quarter to the previous year, there was a slide from $2.4 million to $1.9 million in 2011.
The company says it is on track to build and test a wave energy conversion system for homeland security under the U.S. Navy’s Leap program during the coming second half of calendar year 2011. The company also plans to pursue opportunities in Europe, Australia, United States and Japan.
