21st Aug 2007 07:01
Ocean Power Technologies Inc21 August 2007 ------------------------------------------------------NEWS RELEASE------------------------------------------------------ Ocean Power Technologies, Inc. PNGC Power1590 Reed Road 711 NE HalseyPennington, New Jersey 08534 Portland,USA Oregon 97232 USA For Immediate Release August 21, 2007 CONTRACT FOR FIRST POWERBUOY AT REEDSPORT, OREGON Ocean Power Technologies, Inc ("OPT", or the "Company") (Nasdaq: OPTT and LondonStock Exchange: AIM-OPT) and PNGC Power are pleased to announce that they havesigned an agreement under which PNGC Power will provide funding of $0.5 millionto OPT toward the fabrication and ocean installation of the first PowerBuoy(R)system at the Reedsport OPT Wave Park located in Douglas County near Reedsport,Oregon. Under the contract, OPT will build and deploy a 150 kilowatt-rated nongrid-connected PB150 PowerBuoy. The objective is to demonstrate the ocean waveresource and the performance of the PB150. Major portions of the system will befabricated in Oregon and integrated near Reedsport. This effort is the first phase of OPT's project to install its ocean-testedPowerBuoy systems initially generating a total of 2 MW approximately 2.5 milesoff the coast near Reedsport. OPT has been issued a preliminary permit by theFederal Energy Regulatory Commission (FERC) for up to 50 MW of capacity at thesite, and the Company plans to develop and operate the initial 2 MWgrid-connected wave power park. PNGC Power is a Portland, Oregon-based electric power cooperative serving 15distribution cooperatives with service territory in seven western states. Inaddition to this agreement for the first PowerBuoy, PNGC will be supporting OPTin the permitting process and with on-shore power transmission for the project.PNGC Power also intends to work cooperatively with OPT and to provide itsexpertise regarding grid interconnection and its experience in meeting thestandards of the Bonneville Power Administration, which operates much of theregion's power system. Dr. George W. Taylor, Chief Executive Officer of OPT, said: "PNGC Power makes animportant contribution to the energy requirements of the Northwest, and we arevery pleased to work with them in connection with the Reedsport OPT Wave Park.It is important that these initial phases of the project be done in closecoordination with, and respect for, the various state and local organizationswith interests in the wave park. PNGC has demonstrated that vision and practice,and we appreciate their cooperation and support." John Prescott, PNGC Power President and Chief Executive Officer said, "Workingwith OPT on the project is consistent with our desire to investigate promisingnew generating technologies. The Reedsport OPT Wave Park represents innovativerenewable generation technology which holds the promise of helping us meet ourfuture energy needs." An agreement previously signed by OPT and PNGC provides a framework under whichPNGC and OPT may continue to work together in connection with the phasedscale-up to a 50MW wave power park. Specifically, PNGC Power will have theoption to participate in ownership or power purchase in future commercial phasesof the project. PNGC Power also plans to work with other utilities to increaseparticipation in this first-of-a-kind project in Oregon. On February 15, 2007, OPT was issued a preliminary permit by FERC for theReedsport project. The Company is fully engaged in consultations with keystakeholder groups and will continue to work closely with these groups over thevarious stages of the project. In September 2006 Oregon Governor Ted Kulongoskiappointed an Oregon Solutions Team to help expedite the development andlicensing of the Reedsport OPT Wave Power Park. About Ocean Power Technologies, Inc. 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-going buoys,which have been ocean tested for nearly a decade. The waves move the buoy-likestructure creating mechanical energy that the Company's proprietary technologiesconvert into electricity. About PNGC Power PNGC Power is a Portland-based electric power services cooperative owned by 15Northwest electric distribution cooperative utilities with service territory inseven western states (Oregon, Washington, Idaho, Montana, Utah, Nevada andWyoming). The company creates value for its member systems by providingsophisticated power management, technical innovation and cutting edge customerservices and products. PNGC Power members include: Blachly-Lane ElectricCooperative, Central Electric Cooperative, Inc., Clearwater Power Company,Consumers Power Inc., Coos-Curry Electric Cooperative, Inc., Douglas ElectricCooperative, Fall River Rural Electric Cooperative, Lane Electric Cooperative,Inc., Lost River Electric Cooperative, Northern Lights, Inc., Raft River RuralElectric Cooperative, Inc., Okanogan County Electric Cooperative, Inc., SalmonRiver Electric Cooperative, Inc., Umatilla Electric Cooperative, West OregonElectric Cooperative, Inc. More information about PNGC Power can be found atwww.pngcpower.com. For further information, please contact: Ocean Power Technologies, Inc Telephone: +1 609 730 0400Dr. George W. Taylor, Chief Executive Officer Telephone: +1 609 730 0400Charles F. Dunleavy, Chief Financial Officer Corfin Communications Telephone: +44 20 7929 8989Ben Hunt, Neil Thapar Collins Stewart Telephone: +44 20 7523 8353Adrian Hadden PNGC Power Telephone: +1 503 288 5561Kathi VanderZanden This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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