2nd Oct 2007 07:00
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London StockExchange AIM: OPT) ("OPT" or the "Company") announced today that ithas received additional funding of U.S. $1.9 million for its on-goingcontract with the U.S. Navy to install the Company's PowerBuoy(R)systems off the Hawaiian island of Oahu. £ The additional contract award will primarily support the testingand monitoring of the next PowerBuoy system to be deployed at theoffshore site approximately one mile off the coast, in 100 feet ofwater depth. Throughout the project, the U.S. Navy has maintained adirect involvement and has monitored progress made by the Company.Data gathered from the performance of the systems tested at the sitewill also support on-going engineering of the next generation ofPowerBuoys. £ The Hawaii project is for the installation, testing and gridconnection of multiple PowerBuoys off the Marine Corps Base in Hawaiiat Kaneohe Bay. With strong support of the Hawaii and New Jerseycongressional delegations, the project will utilize local Hawaiiansubcontractors for the installation, test and servicing of thesystems. Previously, the OPT wave power project underwent an extensiveenvironmental assessment by an independent engineering company inaccordance with the National Environmental Policy Act (NEPA). Thisstudy featured evaluation of potential impacts on the seabed; fish,organisms and mammals; vegetation; and sea quality, and concluded thatthe project would have no significant impact on the environment. £ Dr. George W. Taylor, Chief Executive Officer of OPT stated, "Thisproject reflects the on-going commitment of the U.S. Navy to renewableenergy generation and sustainable development. We are excited thatthis additional funding for the Hawaii wave power project furthers thelong-standing partnership which OPT has had with the U.S. Navy indeveloping our core PowerBuoy technology. Our success to date owesmuch to this shared commitment to renewable energy, and we expect toleverage this program in the commercial expansion of our businessinternationally." £ About Ocean Power Technologies £ 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. Copyright Business Wire 2007Related Shares:
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