30th Jan 2007 17:48
Ocean Power Technologies, Inc ("OPT", or the "Company") (LSE: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 beconstructed off the coast of the Cantabria region in northern Spain.The Company believes that this represents the first O&M contractawarded for a wave power station. £ The O&M contract follows the signing of the engineering,procurement and construction (EPC) contract at the end of July 2006for a wave energy plant using OPT's patented PowerBuoy(R) technology.The EPC contract provides for the 'turnkey' construction andinstallation of a grid connected PowerBuoy system. Under the O&Magreement, OPT will be paid for the operation and regular maintenanceof the wave energy plant for up to 10 years. £ With Iberdrola S.A. as its major shareholder, a special purposecompany was established to provide renewable wave energy to theSpanish grid. The entity will purchase the power station from OPT andhas entered into this O&M contract. Other shareholders of the newcompany include Total S.A., OPT, the industrial development agency ofthe Spanish region of Cantabria, and the energy agency of thegovernment of Spain. £ Dr. George W. Taylor, Chief Executive Officer of OPT, said: "Weare delighted to be awarded this O&M contract for OPT's first wavepower project in Europe. Signing this O&M contract is consistent withour company's commercial business strategy of supplying wave powerstations and related operation and maintenance services. Theseservices will ensure effective and efficient extended performance ofour PowerBuoy systems, as well as provide long-term revenue streams tothe Company." £ Mark Draper, Chief Executive of Ocean Power Technologies Ltd, theCompany's European group which is managing the project, said, "The O&Magreement confirms the strong local foundation OPT has establishedwith Iberdrola and our other Spanish partners, from which we aim tobuild several more OPT PowerBuoy wave power stations in Spain." £ Ocean Power Technologies £ Ocean Power Technologies, Inc. develops and is commercializingproprietary systems that generate electricity by harnessing therenewable energy of ocean waves. The Company's PowerBuoy(R) system isbased on modular, ocean-going buoys, which have been ocean tested fornearly a decade. Copyright Business Wire 2007Related Shares:
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