The wave energy company has also been awarded US$380,000 in additional funding for the PowerBuoy's commissioning and in-ocean operation.
Building, deployment and operation of this PowerBuoy is part of a programme with the US Navy to develop and test OPT's wave power technology.
Deployment of the PowerBuoy at the Marine Corps base at Kaneohe Bay on the island of Oahu was completed in one day.
The wave energy system is located approximately one mile offshore in 100 ft of water.
The funding will enable continued testing and monitoring of the wave energy system's operation, providing data for the on-going engineering of the next generation of OPT's PowerBuoys.