The provider of ocean energy solutions Ocean Power Technologies (OPT) signed a letter of intent to enter into a long-term supply agreement with NEC Energy Solutions, global leader in utility scale energy storage.
Under the terms of the supply agreement, NEC ES will supply lithium ion batteries for OPT's subsea battery solutions.
George H. Kirby, President and Chief Executive Officer of OPT, said: "NEC is a supplier of lithium ion batteries for our subsea battery solutions. Their long-standing leadership in the industry, as well as their dedication towards providing versatile, high-quality products, along with reliable service and maintenance, makes them extremely well suited to help us to position OPT as the price and delivery leader for subsea battery solutions"
He added: "As we actively market our battery solutions with recharge capabilities from our PowerBuoy(TM) products, NEC ES provides us the confidence in offering what we believe will be a very high quality and desirable subsea battery technology."
Last month, OPT expanded its product line to include subsea battery solutions that will provide sea floor energy storage for offshore operations.
OPT's subsea battery solutions will enable the powering of subsea equipment, sensors, and communications, and the recharge of autonomous underwater vehicles (AUV) and electric remotely operated vehicles (eROV). They can power sensors, chemical injection systems, and even electric trees and control systems, which regulate the flow of oil, chemicals, and water and gas injection and disposal.
According to data from Fior Research, the global subsea battery sales market is projected to grow to over $668 million over the next five years as industries such as offshore oil and gas begin to digitize their operations and turn to electric powered equipment to replace aging and less efficient hydraulic powered equipment.