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Ocean Power Technologies, Inc. has announced that the Company has signed a letter of intent to enter into a long-term supply agreement with NEC Energy Solutions (“NEC ES”), a supplier of utility scale energy storage. Under the terms of the supply agreement, NEC ES will supply lithium ion batteries for OPT’s subsea battery solutions.
George H. Kirby, President and Chief Executive Officer of OPT, said, “We are excited to be working with NEC ES as a supplier of lithium ion batteries for our subsea battery solutions. Their long-standing leadership in the industry, as well as their dedication towards providing versatile, high-quality products, along with reliable service and maintenance, makes them extremely well suited to help us to position OPT as the price and delivery leader for subsea battery solutions. As we actively market our battery solutions with recharge capabilities from our PowerBuoy products, NEC ES provides us the confidence in offering what we believe will be a very high quality and desirable subsea battery technology.”
Last month, OPT expanded its product line to include subsea battery solutions that will provide sea floor energy storage for offshore operations. NEC ES is engaged in the business of designing, manufacturing, and integrating smart energy storage solutions for the electric grid and for applications with critical power needs. Recently NEC ES expressed an interest in providing their energy storage solutions for remote marine applications.
Steve Fludder, Chief Executive Officer of NEC Energy Solutions, stated, “We are excited to be partnering with OPT in powering their subsea battery solutions, which represents a new frontier for NEC into marine applications. OPT has uniquely positioned itself to provide the first ever persistent electric power recharge of subsea battery systems with its PowerBuoy products, which have an extensive range of uses within the offshore industry.”
OPT’s subsea battery solutions will enable the powering of subsea equipment, sensors, and communications, and the recharge of autonomous underwater vehicles (AUV) and electric remotely operated vehicles (eROV). They can power sensors, chemical injection systems, and even electric trees and control systems, which regulate the flow of oil, chemicals, and water and gas injection and disposal. According to data from Fior Research, the global subsea battery sales market is projected to grow to over $668 million over the next five years as industries such as offshore oil and gas begin to digitize their operations and turn to electric powered equipment to replace aging and less efficient hydraulic powered equipment.