30th Oct 2007 07:00
Ocean Power Technologies, Inc (OPT) is pleased to announce thatOPT and Converteam Ltd have signed a Cooperation Agreement for thedevelopment of High Temperature Superconductor (HTS) Linear Generatorsfor use in OPT's PowerBuoy(R) wave energy converters. Under theagreement OPT and Converteam will jointly develop the technology on anexclusive basis for at least five years, including investigatingcommercial opportunities and potential customers for the HTS lineargenerator PowerBuoys. £ OPT is a leading wave energy technology developer with majorPowerBuoy projects in Spain, the UK and the US with customers andpartners including Iberdrola, TOTAL and the US Navy. In parallel withcommercial deployments of current PowerBuoy products, OPT iscontinually developing enhancements, such as linear generators, thatcan deliver a lower cost of energy supplied. £ Converteam is also a major supplier to the US Navy, renewables,marine and industrial markets, specialising in the development, designand supply of electrical motors and generators, power converters andcryogenic systems. It has established a leading position in the windpower market and intends to build a similar position in the waveenergy market. The proposed power take-off for the OPT PowerBuoy willemploy Converteam's innovative and proprietary linear generator systemwith high temperature superconductors to provide the magnetic field. £ The vision of the two companies is the direct conversion of thelinear up and down motion of waves into electricity using OPT'sPowerBuoy and Converteam's HTS linear generator. This system isexpected to have the advantage of improved efficiency, reliability andmaintainability over traditional power take-off or linear permanentmagnet based systems. Life Cost Analysis predicts that the use of hightemperature superconductors provides the necessary magnetic field atmuch lower cost and weight than conventional linear permanent magnetgenerators. The flexibility and scalability of the PowerBuoy makes itthe ideal product for the introduction of linear power take-offsolutions. Integrating Converteam's linear HTS technology into OPT'sconventional PowerBuoy structure will provide a wave energy converterwith increased energy capture. £ Dr. George W. Taylor, Chief Executive Officer of OPT, said: "Inaddition to our on-going commercialization of the existing PowerBuoysystem, OPT continues to investigate promising technologies. We aredelighted to formalise our relationship with Converteam to develop anew 'state of the art' power take-off system. A linear HTS generatorinstalled in our PowerBuoys has the potential to deliver significantreductions in the cost of wave generated electricity. OPT is veryexcited about the prospects for the HTS technology." £ Converteam Ltd's Technology Director, Derek Grieve said: "HTSoffers a linear generator of unprecedented power density andefficiency enabling significantly more energy to be converted toelectrical power. Converteam already has ongoing HTS projects inhydro, marine and wind. These are all migrating to second generationHTS wire which has a much higher flux density, lower cost and operatesat higher temperatures than first generation wires allowing the use ofa cheap coolant medium. HTS is a truly disruptive technology theadvantages of which will radically change wave energy capture.Converteam is looking forward to working with OPT on this exciting andchallenging new project." £ Note to Editors: £ Converteam £ About Converteam: Converteam Group is a world leader in powerconversion engineering. Building on over a century of experience, itis firmly placed at the leading edge of technology and innovation witha global reputation for excellence in the conversion of electricalenergy. Converteam develops and provides solutions built around threecore components: rotating machines, drives and process automation.Serving specialized sectors as well as its core markets in Marine, Oil& Gas and Offshore, Energy and Industry, its 3,800 staff membersprovide power conversion solutions worldwide. At year-end 2006, theConverteam sales totalled 686,000,000 EUR. Converteam are the UK'slargest exporter of electrical systems to the Renewables market withproduction of approximately 3GW of systems sold annually for windalone. £ Ocean Power Technologies £ Ocean Power Technologies, Inc. (NASDAQ: OPTT and London StockExchange, AIM: OPT) develops and is commercializing proprietarysystems that generate electricity by harnessing the renewable energyof ocean waves. 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-like structure creating mechanical energy thatthe Company's technologies convert into electricity. The result is aleading edge, ocean-tested, proprietary system which generatesreliable, clean, and environmentally-beneficial electricity. Theelectrical power generated by OPT's technology is key to meeting thefuture energy needs of utilities, independent power producers and thepublic sector. Copyright Business Wire 2007Related Shares:
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