George H. Kirby, President and Chief Executive Officer of OPT, stated, “This new patent provides significant additional protection for our proprietary technology that enables the PowerBuoy® to be deployed and to perform autonomously in the toughest waters in the world. We continue to grow our extensive intellectual property patent portfolio, to capitalize on our prior investments in research & development, and to protect our breakthrough technology, which enables us to deliver the maximum value to our shareholders.”
The PTO system has a mechanical efficiency of more than 90% and an expected minimum three years between service for continuous operation in the most severe environments, including the North Sea. The PTO system also contains a mechanical brake for locking the buoy during transportation and under storm conditions to prevent damage to the components.
This patent includes two different designs of the PTO system. The first design offsets the input rod and the ball-screw axes, which is currently being manufactured and deployed. The second design is based on a concentric input rod and ball-screw arrangement, which further simplifies the system and may be used in future PB3 PowerBuoy® deployments.
The newly issued patent increases the Company’s U.S. issued patent portfolio to 66 patents, of which 47 are active. The expiration dates for our issued U.S. patents run through 2037.
Outside of the U.S. we have been issued 237 patents across 13 countries with 37 of the active U.S. patents having at least one corresponding issued foreign patent. The Company’s patent portfolio includes patents and patent applications with claims directed to system design, control systems, power conversion, anchoring and mooring, and wave farm architecture.