Dive Summary

• Ocean Power Technologies planned to install buoys that utilize the ocean’s waves to generate electricity, capable of powering nearly 1,000 homes.
• The New Jersey-based company announced it’s not likely to meet this year’s goal of installing a test PowerBuoy disconnected from the current electrical grid, required by the government to move the project forward.
• This project is reportedly as America’s first ever viable ocean-generated energy option, but it's incurring significant unplanned costs.
   

From the article:

"... The company said it learned in February that the agency will require it to comply with all conditions of its license for 10 grid-connected buoys before putting a test buoy in the water.

"Since the first buoy was not going to be grid-connected, the company did not believe it was under the FERC jurisdiction," Chief Financial Officer Brian Posner said in an email...,"