Wave firm abandons ARENA money

By John Conroy

Receipt of grant cash was subject to OPT securing “future significant external funding milestones” towards the $232m proposed cost of building the wave power station off the coast of Australia, reNews said.

According to the website, the initial funding was subject to “claw-back provisions” based on performance criteria and will be returned after the OCT board decided the PowerBuoy array was “no longer commercially viable”.

US wave device developer Ocean Power Technologies has abandoned a 62. 5MW wave energy project in Australia and terminated a $66. 5m ARENA grant allocation for the scheme, reNews. biz reports.

Along with Robert Gottliebsen and Stephen Bartholomeusz, Alan also founded Business Spectator, the popular business news and commentary website.

Alan has been a trusted source of investment advice to Australians for many years, and in 2005 he founded Eureka Report - Australia’s #1 online investment report.

Read more here: Business Spectator


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