Ocean Power Technologies, whose European operations are based in Warwick, widened its loss last year due to product development programmes focused on enhancing its wave energy technology.
The United States firm, which is involved in several European renewables projects such as a planned 5 MW demonstration wave power station off the coast of Cornwall, said it made a net loss of £11.2 million in the year ending April 30 2009, compared to a £9 million net loss the previous year.
Ocean Power Technologies (OPT) is a pioneer in wave-energy technology and uses its proprietary PowerBuoy system to harness ocean wave resources to generate clean energy.
The firm is using its PowerBuoy system off the coast of Spain for a wave power contract with Iberdrola.
OPT chief executive officer Mark R Draper said: “We have made significant progress and achieved major milestones with key projects in fiscal year 2009.
“These include the launch of several PowerBuoys under multiple contracts.
“We have expanded our relationships with existing partners, such as the US Navy and Lockheed Martin, and have established new relationships in key global markets that further our growth strategy.
“These achievements, combined with the important strengthening of our management team, clearly positions OPT as an industry leader.”
The majority of the firm’s business come from the US Navy which represents 67 per cent of its total revenues.
The firm said its contract order backlog had increased to £4.5 million as of April 30 from £3.3 million the year before.