22nd Feb 2007 07:01
Ocean Power Technologies Inc22 February 2007 NEWS RELEASE------------------------------------------------------ Ocean Power Technologies, Inc. PNGC Power1590 Reed Road 711 NE HalseyPennington, NJ 08534 Portland, Oregon 97232USA USA For Immediate Release 22 February 2007 AGREEMENT FOR DEVELOPMENT OF WAVE POWER PARK IN OREGON Ocean Power Technologies, Inc ("OPT", or the "Company") (London Stock Exchange:AIM-OPT) and Pacific Northwest Generating Cooperative ("PNGC Power") are pleasedto announce that they have signed an agreement to work cooperatively on theCompany's development of the Reedsport OPT Wave Park located in Douglas Countynear Reedsport, Oregon. As part of the initial program, OPT expects to installits ocean-tested PowerBuoy(R) systems initially generating a total of 2 MWapproximately 2.5 miles off the coast at a depth of 50 meters. OPT has beenissued a preliminary permit by the Federal Energy Regulatory Commission (FERC)for up to 50 MW of capacity at the site, and plans to develop, own, and operatethe initial 2 MW wave power park. PNGC Power is a Portland, Oregon-based electric power cooperative serving 15distribution cooperatives with service territory in seven western states. Inaddition to supporting OPT in the permitting process and power transmission forthe project, PNGC Power will work cooperatively with OPT to pursue a powerpurchase agreement, under which PNGC Power would purchase the electrical energyoutput of the 2MW wave power park from OPT. Further, PNGC Power will provide itsexpertise regarding grid interconnection and its experience in meeting thestandards of the Bonneville Power Administration, which operates much of theregion's power system. Dr. George W. Taylor, Chief Executive Officer of OPT, said: "We are pleased thatPNGC Power has pledged their support for this project and to be workingcooperatively with them. PNGC Power has demonstrated the vision and leadershipto harness our Earth's most powerful and consistent natural resource - theocean." "As PNGC Power strives to maintain competitive prices and reliable service forits members we are increasingly looking at promising new technologies to meetload growth," said PNGC Power President and Chief Executive Officer, JohnPrescott. "Our participation in the development of the Reedsport OPT Wave Parkdemonstrates our member cooperatives' commitment to explore alternative energyresources to meet customer needs into the future." PNGC Power plans to provide a significant portion of the funds required tofabricate and install the first PowerBuoy at the Reedsport site. The agreementalso provides a framework under which PNGC and OPT may continue to work togetherin connection with the phased scale-up to a 50MW wave power park. Specifically,PNGC Power will have the option to participate in ownership or power purchase infuture commercial phases of the project. PNGC Power also plans to work withother utilities to increase participation in this first-of-a-kind project inOregon. On February 15, 2007, OPT was issued a preliminary permit by FERC for theReedsport project. The Company has already begun consultation with keystakeholder groups and will continue to work closely with these groups over theinitial stages of the project. In September 2006 Oregon Governor Ted Kulongoskiappointed an Oregon Solutions Team to help expedite the development andlicensing of the Reedsport OPT Wave Power Park. About Ocean Power Technologies, Inc. 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. About PNGC Power PNGC Power is a Portland-based electric power services cooperative owned by 15Northwest electric distribution cooperative utilities with service territory inseven western states (Oregon, Washington, Idaho, Montana, Utah, Nevada andWyoming). The company creates value for its member systems by providingsophisticated power management, technical innovation and cutting edge customerservices and products. PNGC Power members: Blachly-Lane Electric Cooperative,Central Electric Cooperative, Inc., Clearwater Power Company, Consumers PowerInc., Coos-Curry Electric Cooperative, Inc., Douglas Electric Cooperative, FallRiver Rural Electric Cooperative, Lane Electric Cooperative, Inc., Lost RiverElectric Cooperative, Northern Lights, Inc., Raft River Rural ElectricCooperative, Inc., Okanogan County Electric Cooperative, Inc., Salmon RiverElectric Cooperative, Inc., Umatilla Electric Cooperative, West Oregon ElectricCooperative, Inc. More information about PNGC Power can be found atwww.pngcpower.com. 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 OfficerCorfin Communications Telephone: +44 20 7929 8989Ben Hunt, Neil Thapar PNGC Power Telephone: +1 503 288 5561Kathi VanderZanden This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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