20th Jun 2005 09:00
Ocean Power Technologies Inc20 June 2005 NEWS RELEASE------------------------------------------------------ Ocean Power Technologies Inc 1590 Reed Road Pennington, New Jersey 08534 Ocean Power Technologies Ltd Signs Agreement with Total and Iberdrola for the development of a Wave Power Station in France Pennington, NJ, USA, 20 June 2005 - Ocean Power Technologies, Inc ("OPT", or the"Company") (London Stock Exchange:AIM-OPT), announced today that its Europeansubsidiary, Ocean Power Technologies Limited ("OPT Ltd") has signed an agreementwith Total Energie Developpement S.A.S ("Total") and Iberdrola S.A.("Iberdrola") for the development of a wave power station in France. Thepartners are encouraged by the way wave energy is being promoted by the EU andexpect it will also be pursued by the French Authorities in the future and arekeen to work in support of this. In 2004 Iberdrola signed a Development Agreement with OPT for a wave powerstation in northern Spain. This Spanish project is on-going and Total will nowalso become a joint venture partner in that exciting project - the first of itskind in Europe. In the first phase of the new project, the parties will collaborate inidentifying potential sites around the French coastline and gaining thenecessary consents and permits. When a suitable site is identified with goodlocal acceptance, all authorizations obtained, and the off-take of electricityis in place, a wave power station with a capacity of up to 2-5 MW will beinstalled in the second phase of the project. This will be developed using OPT'spatented PowerBuoyTM technology. Commenting on the new agreement, Mark Draper, Chief Executive of OPT Ltd said"We are thrilled to be looking at opportunities in France with two excellentpartners, Total and Iberdrola. The extensive Atlantic coastline of France makesit a very attractive location and the supporting experience of Total andIberdrola will be a significant asset of the project. OPT now has commercialprojects in Spain, France and the US." For further information, please contact: OPT:Dr. George W. Taylor, Chief Executive Officer Mark R. Draper, Chief Executive OPT, Inc. OPT LtdTelephone: (609) 730-0400 Telephone: +44 (0) 1926 623370E-mail: [email protected] E-mail:[email protected] Charles F. Dunleavy, Chief Financial Officer Ken Cronin, Gavin Anderson Co.Telephone: (609) 730-0400 Telephone: +44 207 554 1400E-mail: [email protected] Michael Brennan, Evolution Securities LimitedTelephone: +44 207 071 4300 Total: Iberdrola:Philippe Gateau Brooke NelsonPress Officer Communications DepartmentTelephone: +33 1 47 44 47 05 Telephone: +34 91 784 3402Email: [email protected] E-mail: [email protected] 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 without the enhancements of tax credits orsubsidies. For further information, see the Company's website:www.oceanpowertechnologies.com. Total Total is the fourth largest oil and gas company in the world with operations inmore than 130 countries. Total's activities cover the whole energy chain of thepetroleum industry: exploration, oil and gas production, refining and marketing,trading and power generation. The Group is also a major player in chemicals.Based in Paris, France, Total is capitalised at around 120 billion Euros (£80billion) and is also traded on the New York Stock Exchange (NYSE:TOT). Forfurther information, see the company's website: www.total.com. Iberdrola S.A. Iberdrola is one of the largest renewable energy companies worldwide and alsoone of the largest electric power utilities in Europe. It has been in theforefront of incorporating the latest renewable technologies into itselectricity generating systems. Capitalised at over 18 billion Euros (£12billion) and listed on Spain's blue chip Ibex 35 index and the Euro Stoxx 50index, Iberdrola produces power through a combination of hydroelectric, gas,wind power, and nuclear. Further information can be found on: www.iberdrola.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Optima Health