30th Jan 2007 07:01
Ocean Power Technologies Inc30 January 2007 Ocean Power Technologies, Inc. 1590 Reed Road Pennington, New Jersey 08534 USA For Immediate Release 30 January 2007 AWARD OF OPERATION AND MAINTENANCE CONTRACT FOR WAVE FARM IN SPAIN Ocean Power Technologies, Inc ("OPT", or the "Company") (London Stock Exchange:AIM-OPT) is pleased to announce the signing of an operation and maintenance (O&M) contract for the first phase of the OPT wave power station to be constructedoff the coast of the Cantabria region in northern Spain. The Company believesthat this represents the first O&M contract awarded for a wave power station. The O&M contract follows the signing of the engineering, procurement andconstruction (EPC) contract at the end of July 2006 for a wave energy plantusing OPT's patented PowerBuoy(R) technology. The EPC contract provides for the'turnkey' construction and installation of a grid connected PowerBuoy system.Under the O&M agreement, OPT will be paid for the operation and regularmaintenance of the wave energy plant for up to 10 years. With Iberdrola S.A. as its major shareholder, a special purpose company wasestablished to provide renewable wave energy to the Spanish grid. The entitywill purchase the power station from OPT and has entered into this O&M contract.Other shareholders of the new company include Total S.A., OPT, the industrialdevelopment agency of the Spanish region of Cantabria, and the energy agency ofthe government of Spain. Dr. George W. Taylor, Chief Executive Officer of OPT, said: "We are delightedto be awarded this O&M contract for OPT's first wave power project in Europe.Signing this O&M contract is consistent with our company's commercial businessstrategy of supplying wave power stations and related operation and maintenanceservices. These services will ensure effective and efficient extendedperformance of our PowerBuoy systems, as well as provide long-term revenuestreams to the Company." Mark Draper, Chief Executive of Ocean Power Technologies Ltd, the Company'sEuropean group which is managing the project, said, "The O&M agreement confirmsthe strong local foundation OPT has established with Iberdrola and our otherSpanish partners, from which we aim to build several more OPT PowerBuoy wavepower stations in Spain." For further information, please contact: Ocean Power Technologies, IncDr. George W. Taylor, Chief Executive Officer Telephone: +1 609 730 0400Charles F. Dunleavy, Chief Financial Officer Telephone: +1 609 730 0400 Corfin CommunicationsBen Hunt, Neil Thapar Telephone: +44 20 7929 8989 Ocean Power Technologies Ocean Power Technologies, Inc. develops and is commercializing proprietarysystems that generate electricity by harnessing the renewable energy of oceanwaves. The Company's PowerBuoy(R) system is based on modular, ocean-goingbuoys, which have been ocean tested for nearly a decade. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Optima Health