21st Aug 2007 07:00
Ocean Power Technologies, Inc ("OPT", or the "Company") (Nasdaq:OPTT and London Stock Exchange: AIM-OPT) and PNGC Power are pleased toannounce that they have signed an agreement under which PNGC Powerwill provide funding of $0.5 million to OPT toward the fabrication andocean installation of the first PowerBuoy(R) system at the ReedsportOPT Wave Park located in Douglas County near Reedsport, Oregon. Underthe contract, OPT will build and deploy a 150 kilowatt-rated nongrid-connected PB150 PowerBuoy. The objective is to demonstrate theocean wave resource and the performance of the PB150. Major portionsof the system will be fabricated in Oregon and integrated nearReedsport. £ This effort is the first phase of OPT's project to install itsocean-tested PowerBuoy systems initially generating a total of 2 MWapproximately 2.5 miles off the coast near Reedsport. OPT has beenissued a preliminary permit by the Federal Energy RegulatoryCommission (FERC) for up to 50 MW of capacity at the site, and theCompany plans to develop and operate the initial 2 MW grid-connectedwave power park. £ PNGC Power is a Portland, Oregon-based electric power cooperativeserving 15 distribution cooperatives with service territory in sevenwestern states. In addition to this agreement for the first PowerBuoy,PNGC will be supporting OPT in the permitting process and withon-shore power transmission for the project. PNGC Power also intendsto work cooperatively with OPT and to provide its expertise regardinggrid interconnection and its experience in meeting the standards ofthe Bonneville Power Administration, which operates much of theregion's power system. £ Dr. George W. Taylor, Chief Executive Officer of OPT, said: "PNGCPower makes an important contribution to the energy requirements ofthe Northwest, and we are very pleased to work with them in connectionwith the Reedsport OPT Wave Park. It is important that these initialphases of the project be done in close coordination with, and respectfor, the various state and local organizations with interests in thewave park. PNGC has demonstrated that vision and practice, and weappreciate their cooperation and support." £ John Prescott, PNGC Power President and Chief Executive Officersaid, "Working with OPT on the project is consistent with our desireto investigate promising new generating technologies. The ReedsportOPT Wave Park represents innovative renewable generation technologywhich holds the promise of helping us meet our future energy needs." £ An agreement previously signed by OPT and PNGC provides aframework under which PNGC and OPT may continue to work together inconnection with the phased scale-up to a 50MW wave power park.Specifically, PNGC Power will have the option to participate inownership or power purchase in future commercial phases of theproject. PNGC Power also plans to work with other utilities toincrease participation in this first-of-a-kind project in Oregon. £ On February 15, 2007, OPT was issued a preliminary permit by FERCfor the Reedsport project. The Company is fully engaged inconsultations with key stakeholder groups and will continue to workclosely with these groups over the various stages of the project. InSeptember 2006 Oregon Governor Ted Kulongoski appointed an OregonSolutions Team to help expedite the development and licensing of theReedsport OPT Wave Power Park. £ About Ocean Power Technologies, Inc. £ 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. The waves move the buoy-like structure creatingmechanical energy that the Company's proprietary technologies convertinto electricity. £ About PNGC Power £ PNGC Power is a Portland-based electric power services cooperativeowned by 15 Northwest electric distribution cooperative utilities withservice territory in seven western states (Oregon, Washington, Idaho,Montana, Utah, Nevada and Wyoming). The company creates value for itsmember systems by providing sophisticated power management, technicalinnovation and cutting edge customer services and products. PNGC Powermembers include: Blachly-Lane Electric Cooperative, Central ElectricCooperative, Inc., Clearwater Power Company, Consumers Power Inc.,Coos-Curry Electric Cooperative, Inc., Douglas Electric Cooperative,Fall River Rural Electric Cooperative, Lane Electric Cooperative,Inc., Lost River Electric Cooperative, Northern Lights, Inc., RaftRiver Rural Electric Cooperative, Inc., Okanogan County ElectricCooperative, Inc., Salmon River Electric Cooperative, Inc., UmatillaElectric Cooperative, West Oregon Electric Cooperative, Inc. Moreinformation about PNGC Power can be found at www.pngcpower.com. Copyright Business Wire 2007Related Shares:
Optima Health