8th Jun 2009 14:28
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FOR IMMEDIATE RELEASE |
OCEAN POWER TECHNOLOGIES APPOINTS CHIEF EXECUTIVE FOR UK AND EUROPE
Pennington, NJ - June 8, 2009 -- Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) ("OPT" or "the Company") is pleased to announce the appointment of Angus Norman as Chief Executive of Ocean Power Technologies Limited ("OPT Ltd"), the Company's UK-based wholly-owned subsidiary, effective June 4, 2009.
Mr. Norman, 58, joins OPT from EDF Energy, where he held the position of Managing Director of Sustainable Solutions. He brings more than a decade of leadership experience in the energy and renewable energy generation sector as well as a long track record of acquisition, divestment and project development in the energy, transport, minerals and infrastructure markets.
Reporting to Mark R. Draper, Chief Executive Officer of Ocean Power Technologies, Inc., Mr. Norman will be responsible for all OPT Ltd operations based in Warwick, UK. This includes engineering, sales and marketing, customer contracts and other activities in the UK and Europe.
Mr. Draper said, "We are delighted to welcome Angus to the OPT group. His breadth of experience in power generation and renewable energy will strengthen OPT's leadership team as we rapidly move towards the commercialization of our world class wave power generation systems in major markets."
At EDF Energy, one of the UK's largest energy companies providing power to a quarter of the population, Mr. Norman led the development of a new Sustainable Energy Services business, and had responsibility for its combined heat & power (CHP) plants and business development team. Prior to this, he was Managing Director of Generation at EDF Energy, with operational responsibility for its gas and coal powered generation (5GW capacity) as well as its renewable wind power assets (4MW generating capacity with 250MW under development). Mr. Norman was also responsible for EDF Energy's initial investment in Marine Current Turbines in 2002 and was a board director until 2005.
Mr. Norman has received several awards for published papers and has presented to various institutions and conferences, including the prestigious "Henry Royce Memorial Lecture" (London, 1994). He is a Chartered Engineer and a Fellow of both the Institution of Engineering & Technology and Institution of Mining, Minerals and Metallurgy, and a Member of the Institution of Mechanical Engineers.
Forward-Looking Statements
This release may contain "forward-looking statements" that are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect the Company's current expectations about its future plans and performance, including statements concerning the impact of marketing strategies, new product introductions and innovation, deliveries of product, sales, earnings, and margins. These forward-looking statements rely on a number of assumptions and estimates which could be inaccurate and which are subject to risks and uncertainties. Actual results could vary materially from those anticipated or expressed in any forward-looking statement made by the Company. Please refer to the Company's most recent Form 10-K for a further discussion of these risks and uncertainties. The Company disclaims any obligation or intent to update the forward-looking statements in order to reflect events or circumstances after the date of this release.
About Ocean Power Technologies
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) is a pioneer in wave-energy technology that harnesses ocean wave resources to generate reliable, clean, and environmentally-beneficial electricity. OPT has a strong track record in harnessing wave energy and participates in a $150 billion annual power generation equipment market. The Company's proprietary PowerBuoy® system is based on modular, ocean-going buoys that capture and convert predictable wave energy into low-cost, clean electricity. The Company is widely recognized as the leading provider of on-grid and autonomous wave-energy generation with its energy systems benefiting from over a decade of in-ocean experience. OPT's technology and systems are insured by Lloyds Underwriters of London. OPT is headquartered in Pennington, New Jersey with offices in Warwick, UK. More information can be found at www.oceanpowertechnologies.com.
Contact information:
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Ocean Power Technologies, Inc. Mark R. Draper, Chief Executive Officer Charles F. Dunleavy, Chief Financial Officer |
Telephone: +1 609 730 0400 Telephone: +1 609 730 0400 |
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Nomura Code Securities Limited Juliet Thompson, Richard Potts |
Telephone: +44 20 7776 1200 |
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Media Contact: Corfin Communications Neil Thapar, Martin Sutton, Claire Norbury |
Telephone: +44 20 7977 0020 |
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