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Ocean Power Technologies’ loss deepens in Q3

Ocean Power Technologies reported a third quarter (Q3) net loss of US$5.7 million, a 58% deepening from the same period ending 31 January 2009.

Revenues fell 11% to US$0.9m – mainly due to a decline in billable work for the US Navy wave power project in Hawaii.

The operating loss increased 56% to US$6.1m due to increased product development costs, Ocean Power Technologies says.

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Policy, investment and markets  •  Wave and tidal energy