Ocean Power Technologies (OPT) and Mitsui Engineering & Shipbuilding have entered into a new agreement to develop and commercialize OPT’s PowerBuoy technology.
The agreement gives Mitsui a renewable 10-year term license to sell OPT’s PowerBuoys for both grid-connected utility and autonomous applications in Japan, the Philippines, Malaysia, Vietnam, Mozambique, South Africa and Namibia.
The license will see Mitsui exclusively manufacturing and sell PowerBuoys in its territory, while royalty payments on sales will be paid to OPT. Additionally, Mitsui has the first right to refuse manufacturing PowerBuoys sold outside its territory.
Besides, OPT will supply Power Take-Off systems to Mitsui for integrating in all PowerBuoys (to be sold by Mitsui), while Mitsui will refer any customers outside its territory to OPT by charging amount (commission).
OPT CEO Charles Dunleavy said the agreement with Mitsui is a major milestone in the commercializing the PowerBuoy technology.
“We are very excited to build on the work we have done over the past several years with MES, and we appreciate this recognition of the great business opportunity provided by our PowerBuoys, for both grid-connected and autonomous applications,” added Dunleavy.