Ocean Power buoy
Ocean Power buoy

The Australian Government has awarded Ocean Power Technology and Leighton Contractors $66.46 million in funding to build the power plant that harnesses ocean waves to generate electricity.

The demonstration wave power station will be built in three stages off Portland, Victoria, with capacity gradually rising to 19 megawatts – enough to supply about 7000 homes with power.

Ocean Power Technology uses buoys that ride waves to convert their energy into electricity.

Ocean Power Technology is listed in the US and UK but not in Australia although it was co-founded by George W. Taylor, a Perth-born inventor who is now chairman of the company.