20th Feb 2007 07:02
Ocean Power Technologies Inc20 February 2007 NEWS RELEASE------------------------------------------------------ Ocean Power Technologies, Inc. 1590 Reed Road Pennington, New Jersey 08534 USA 20 February 2007 OCEAN POWER TECHNOLOGIES AWARDED US$1.2M BY THE SCOTTISH EXECUTIVE Ocean Power Technologies, Inc. ("OPT" or the "Company") announced today that itswholly owned subsidiary Ocean Power Technologies Limited ("OPT Ltd.") has beenawarded a grant of $1.2 million (£641,000) through the Scottish Minister's Waveand Tidal Energy Support Scheme managed by the Scottish Executive. OPT Ltd. was awarded these monies for the construction, installation andin-ocean demonstration of OPT's latest 150kW PowerBuoy(R) design, the PB150.Under the project, the PB150 PowerBuoy will be installed at the European MarineEnergy Centre (EMEC) on Orkney, Scotland where it will be grid connected throughone of EMEC's wave energy berths. The PB150 is the latest in OPT's PowerBuoy product offering. Once fullydemonstrated at EMEC, the Company intends to deploy the PB150 in projectscurrently under development in Spain, Southwest England, France and the USA, aswell as for projects the Company is looking to develop in Scotland and othercountries. Mark Draper, Chief Executive of Ocean Power Technologies Ltd, the Company'sEuropean group which is managing the project, said, "OPT is very pleased toreceive this award from the Scottish Executive for our EMEC project and we lookforward to completing the 150kW PowerBuoy product by the end of 2007." About Ocean Power Technologies 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. 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 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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