Ocean Power Technologies, the AIM-listed wave power company with its European operations based in Warwickshire, has been awarded £2 million by the European Commission to develop new tidal energy technology.

The money – given under the EC’s Seventh Framework Programme – is part of a total award of £4 million to a consortium of companies, including OPT, to design and create a PowerBuoy wave energy device under a project entitled WavePort, with an innovative wave prediction capability.

The other partners in the consortium are from Norway, Portugal, Spain and the UK. It is expected that the PowerBuoy will be deployed in Spain, where OPT has worked on a wave energy project under contract from Iberdrola, the major Spanish utility company.