2nd Oct 2007 07:01
Ocean Power Technologies Inc02 October 2007 NEWS RELEASE-------------------------------------------------------------------------------- Ocean Power Technologies,Inc. 1590 Reed Road Pennington, New Jersey 08534 USA For Immediate Release October 2, 2007 Ocean Power Technologies receives additional $1.9 Million Funding for US Navy project Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT)("OPT" or the "Company") announced today that it has received additional fundingof U.S. $1.9 million for its on-going contract with the U.S. Navy to install theCompany's PowerBuoy(R) systems off the Hawaiian island of Oahu. The additional contract award will primarily support the testing and monitoringof the next PowerBuoy system to be deployed at the offshore site approximatelyone mile off the coast, in 100 feet of water depth. Throughout the project, theU.S. Navy has maintained a direct involvement and has monitored progress made bythe Company. Data gathered from the performance of the systems tested at thesite will also support on-going engineering of the next generation ofPowerBuoys. The Hawaii project is for the installation, testing and grid connection ofmultiple PowerBuoys off the Marine Corps Base in Hawaii at Kaneohe Bay. Withstrong support of the Hawaii and New Jersey congressional delegations, theproject will utilize local Hawaiian subcontractors for the installation, testand servicing of the systems. Previously, the OPT wave power project underwentan extensive environmental assessment by an independent engineering company inaccordance with the National Environmental Policy Act (NEPA). This studyfeatured evaluation of potential impacts on the seabed; fish, organisms andmammals; vegetation; and sea quality, and concluded that the project would haveno significant impact on the environment. Dr. George W. Taylor, Chief Executive Officer of OPT stated, "This projectreflects the on-going commitment of the U.S. Navy to renewable energy generationand sustainable development. We are excited that this additional funding for theHawaii wave power project furthers the long-standing partnership which OPT hashad with the U.S. Navy in developing our core PowerBuoy technology. Our successto date owes much to this shared commitment to renewable energy, and we expectto leverage this program in the commercial expansion of our businessinternationally." 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. The waves move the buoy-likestructure creating mechanical energy that the Company's proprietary technologiesconvert into electricity. 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 7977 0020Ben Hunt, Neil Thapar Collins Stewart Europe Limited Telephone: +44 20 7523 8353Adrian Hadden This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Optima Health