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NEW YORK, July 15, 2014 /PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of investors who purchased Ocean Power Technologies, Inc.
The project is being developed by Victorian Wave Partners (VWP), a wholly owned subsidiary of Ocean Power Technologies Australasia Pty Ltd ("OPTA"), an Australian company owned by Ocean Power Technologies (88%) and Woodside Energy Ltd (12%),Australia's largest independent oil and gas company.
The Federal Energy Regulatory Commission has granted a license to Ocean Power Technologies of New Jersey for the nation's first commercial wave power station.
US-based Ocean Power Technologies is working on projects in Hawaii, New Jersey, Spain, Japan and Australia.
Taylor and Burns of Ocean Power Technologies and other researches are now investigating polymers related to PVDF in a search for piezoelectric polymers even better suited for applications such as ocean power.
Hirotaka Ohashi, Deputy General Manager of Business Development and Innovation at MES, added, "As we remember the 2011 earthquake and tsunami that had such a devastating impact on the nuclear power industry in Japan, we are working with Ocean Power Technologies to commercialize ocean-based clean energy alternatives.
Ocean Power Technologies, a New Jersey-based company, is close to completing construction of the first of the generating buoys and is expected to tow it to Reedsport for installation later this 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.