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Ocean Power reportedly drops Australian project

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Ocean Power Technologies, a Pennington wave-energy company, reportedly canceled its plans to build a renewable-energy project in Australia.

According to Bloomberg News, Victorian Wave Partners, the company’s Australian unit, terminated the $217 million project to deploy PowerBuoys off the coast of Victoria. Bloomberg said a filing with the U.S. Securities and Exchange Commission said the project was not “commercially viable.”

The company fired Chairman and CEO Charles F. Dunleavy in June.

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