PENNINGTON, N.J.--(BUSINESS WIRE)--Jun. 11, 2009--
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange
AIM: OPT) (“OPT” or “the Company”) is pleased to announce that it has
reached two major manufacturing milestones in the development of the
Company’s flagship PB150 PowerBuoy®, which is to be ready for deployment
at the European Marine Energy Centre (EMEC) in Scotland by the end of
2009.
A state-of-the-art wave energy converter, the PB150 is the latest
exciting development in OPT’s utility PowerBuoy product range. Once
fully demonstrated at EMEC, the Company intends to deploy further PB150
PowerBuoys in projects around the world at locations including Reedsport
in Oregon, USA, Victoria, Australia and Cornwall, UK.
These two recently completed critical stages for the PB150 comprise the
completion of the mechanical elements of the power take-off system and
the awarding of the steel fabrication contract for the PowerBuoy
structure. The steel fabrication will be carried out by Isleburn
Ltd, a full service fabrication and engineering company for major
offshore structures, based near Inverness, Scotland. Once the steel
fabrication is complete, the 150kW PowerBuoy will be fully assembled and
ready for deployment by the end of 2009 at EMEC, where OPT has already
secured a 2MW berth.
Jim Mather, Scotland’s Minister for Enterprise, Energy and Tourism,
said: “Scotland boasts a quarter of Europe’s wave and tidal resource and
we are leading the way in developing marine renewables through the
world’s only accredited wave and tidal testing centre, the European
Marine Energy Centre in Orkney. I am delighted that Scottish Government
support is helping to advance the in-ocean demonstration of what will be
the world’s largest wave energy device using buoy technology. This is
just one example of the huge economic potential that making Scotland a
world leader in renewables can bring.”
Mark R. Draper, Chief Executive Officer of OPT, said: “These two
milestones demonstrate significant progress towards the deployment of
OPT’s first PB150. This achievement represents a pivotal stage in the
Company’s development and that we are on track to achieve our objective
of utilizing wave power as an economically-viable source of renewable
energy.”
About Ocean Power Technologies
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange
AIM: OPT) is a pioneer in wave-energy technology that harnesses ocean
wave resources to generate reliable, clean, and
environmentally-beneficial electricity. OPT has a strong track record in
harnessing wave energy and participates in a $150 billion annual power
generation equipment market. The Company's proprietary PowerBuoy® system
is based on modular, ocean-going buoys that capture and convert
predictable wave energy into low-cost, clean electricity. The Company is
widely recognized as a leading provider of on-grid and autonomous
wave-energy generation with its energy systems benefiting from over a
decade of in-ocean experience. OPT’s technology and systems are insured
by Lloyds Underwriters of London. OPT is headquartered in Pennington,
New Jersey with offices in Warwick, UK. More information can be found at www.oceanpowertechnologies.com.
Source: Ocean Power Technologies, Inc.
Ocean Power Technologies, Inc.
Mark R. Draper, Chief
Executive Officer, +1 609-730-0400
Charles F. Dunleavy, Chief
Financial Officer, +1 609-730-0400
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Juliet Thompson / Richard Potts, +44 20 7776
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Neil
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