3rd Oct 2005 07:01
Ocean Power Technologies Inc03 October 2005 Ocean Power Technologies, Inc. 1590 Reed Road Pennington, New Jersey 08534 USAFor Immediate Release $2.8 Million Boost for Ocean Power Technologies Wave Power Station Pennington, NJ, USA, 3 October 2005 - Ocean Power Technologies, Inc ("OPT" orthe "Company") (London Stock Exchange: AIM-OPT), announces that it has receivedadditional funding of US $2.8 million for its on-going contract from the US Navyto build a wave power station off the Hawaiian island of Oahu. This project is for the building of a 1 MegaWatt wave power station at theMarine Corps Base in Hawaii at Kaneohe Bay. The new contract award will supportthe development of OPT's enhanced 150 kilowatt PowerBuoy(TM), as well asbuilding the project which will be capable of providing power for 500 - 1000houses or the equivalent. Throughout this project the US Navy has maintained adirect involvement, and has monitored progress made by the Company. OPT believesthat this additional funding is indicative of the Navy's continuing support. TheUS Navy has over 200 bases around the world. Many of these bases are suitablefor OPT wave power stations, thereby reducing the Navy's dependence on fuel oilshipments and providing other sustainable advantages. Dr. George W. Taylor, Chief Executive Officer of OPT said, "We are very pleasedthat the Navy continues to share with OPT a strong commitment to the success ofthe Hawaii program. In addition to funding, the Navy provides its expertise inthe areas of marine construction and systems operation in the dynamic oceanenvironment. We are confident that this partnership will establish thefoundation for OPT to provide its wave power stations to serve the grids ofHawaii and other environmentally-conscious markets." For further information, please contact: Dr. George W. Taylor, Charles F. Dunleavy, Chief Executive Officer Chief Financial OfficerTelephone: (609) 730-0400 Telephone: (609) 730-0400E-mail: [email protected] E-mail: [email protected] Michael Brennan, Ken Cronin, Evolution Securities Limited Gavin Anderson & Company Telephone: +44 207 071 4300 Telephone: +44 207 554 1400 Background Information Ocean Power Technologies, Inc. OPT is the world's first publicly listed wave power company. It iscommercialising its proprietary technology for the generation of electricalpower using the energy of ocean waves. OPT's wave energy systems are based onmodular, buoy-like structures, called PowerBuoysTM, which are "intelligent"systems capable of responding to differing wave conditions. The Company'socean-tested systems have the potential to provide cost competitive, cleanelectrical power on a large scale. For further information, see the Company'swebsite: www.oceanpowertechnologies.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Optima Health