OPT/ARENA Probe

This may shed some light on why, CWE missed out on getting $66 million.

"OPT fires chief executive Dunleavy 10/06/2014

Ocean Power Technologies has sacked chief executive Charles Dunleavy and launched a probe into a wave energy project being developed by a subsidiary in Australia. The New Jersey-based company said in a regulatory filing that Dunleavy’s employment “was terminated, effective immediately” as of Monday 9 June. Dunleavy, who joined OPT in 1993 and served as chief executive since 2010, “will not receive any severance payments under his employment agreement with the company”. The cause of the dismissal was not disclosed. Non-executive director David Keller will assume the role of interim CEO. The board of directors simultaneously launched an internal investigation into an agreement between its subsidiary Victorian Wave Partners Pty Ltd and the Australian Renewable Energy Agency. The probe will focus on the deal involving the special purpose vehicle set up to develop a 62.5MW buoy array off the coast of Portland, Victoria, and “public statements concerning the project”. Government agency ARENA granted A$66.46m to develop the site from August 2011. Image: the company’s PowerBuoy wave energy device (OPT) TAGGED IN: AMERICASCOMPANY NEWSUSAWAVE AND TIDAL"

http://renews.biz/68038/opt-fires-chief-executive-dunleavy/