New Jersey company progressing with wave energy installation.

Out of Miami Herald.com (January 11, 2003), an article entitled
Company Turning Waves Into Electricity Under Navy Contract describes the first steps by Ocean Power Technologies, a New Jersey company, to commercialize its wave technology. According to the article, Ocean Power has completed testing of a prototype and now, "under a $7 million project funded by the Navy, Ocean Power will gradually install a group of power-generating buoys just offshore at the Kaneohe Marine Corps Base in Hawaii. The steel buoys, each wired to a metal canister full of delicate electronic equipment, will be connected to each other in sequence, with the electricity they generate transmitted to land via an undersea cable and then hooked into the local power grid." The article goes on to describe some of Ocean Power's future prospects: "the company has some promising alliances with marketing partners and has sold a 5 percent stake to Woodside Petroleum Ltd., Australia's biggest independent oil and gas explorer and producer. Ocean Power plans next fall to set up a small buoy system that will sell power to the town of Portland, Australia."