Ocean Power Cancels Plans to Build Australia Wave-Power Project

Jul 14, 2014 5:36 pm ET

July 14 (Bloomberg) -- Ocean Power Technologies Inc. is canceling plans to build a renewable-energy project off the coast of Australia that’s not “commercially viable.”

The company said its Australian unit, Victorian Wave Partners, is stopping all work on the project, according to a filing today with the U.S. Securities and Exchange Commission.

Ocean Power will repay what it has received of an A$66.5 million ($62.5 million) grant from the Australian government, which was to support the A$232 million project.

Ocean Power, based in Pennington, New Jersey, makes PowerBuoys that produce electricity from the motion of waves.