Ocean Power Technologies abandons Oregon wave project

Ocean Power Technologies abandons Oregon wave project

The New Jersey-based company offered its shares to the public, raising net proceeds of $12.5 million.

The company, which has boasted about receiving the nation's first wave power permit for a small project near Reedsport, said it had abandoned that project.

The Oregon announcement was a setback to alternative energy boosters and to firms like Oregon Iron Works, which Ocean Power had hired to build a massive buoy for the project. It also delayed the day when electrical power will be generated by the waves that pound the Oregon coastline.

Read more at OregonLive.com