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$2.8 Million Booster for Ocean Power Technologies Wave Power Station
$2.8 Million Booster for Ocean Power Technologies Wave Power Station
Oct 03, 2005 at 12:00 AM EDT
This project is for the building of a 1 MegaWatt wave power station at the Marine Corps Base in Hawaii at Kaneohe Bay. The new contract award will support the development of OPT's enhanced 150 kilowatt PowerBuoyTM, as well as building the project which will be capable of providing power for 500 - 1000 houses or the equivalent. Throughout this project the US Navy has maintained a direct involvement, and has monitored progress made by the Company. OPT believes that this additional funding is indicative of the Navy's continuing support. The US Navy has over 200 bases around the world. Many of these bases are suitable for OPT wave power stations, thereby reducing the Navy's dependence on fuel oil shipments and providing other sustainable advantages.
Dr. George W. Taylor, Chief Executive Officer of OPT said, “We are very pleased that the Navy continues to share with OPT a strong commitment to the success of the Hawaii program. In addition to funding, the Navy provides its expertise in the areas of marine construction and systems operation in the dynamic ocean environment. We are confident that this partnership will establish the foundation for OPT to provide its wave power stations to serve the grids of Hawaii and other environmentallyconscious markets.”
For further information, please contact:
Dr. George W. Taylor, Chief Executive Officer
Telephone: (609) 730-0400
E-mail: gtaylor@oceanpowertech.com
Charles F. Dunleavy, Chief Financial Officer
Telephone: (609) 730-0400
E-mail: cdunleavy@oceanpowertech.com
Michael Brennan, Evolution Securities Limited
Telephone: +44 207 071 4300
Ken Cronin, Gavin Anderson & Company
Telephone: +44 207 554 1400
Background Information
Ocean Power Technologies, Inc.
OPT is the w orld's first publicly listed w ave pow er company. It is commercialising its proprietary technology for the generation of electrical pow er using the energy of ocean w aves. OPT's w ave energy systems are based on modular, buoy-like structures, called Pow erBuoysTM, w hich are “intelligent” systems capable of responding to differing w ave conditions. The Company's ocean-tested systems have the potential to provide cost competitive, clean electrical pow er on a large scale. For further information, see the Company's w ebsite: w w w .oceanpow ertechnologies.com.