30th Oct 2007 07:01
Ocean Power Technologies Inc30 October 2007 October 30, 2007 Ocean Power Technologies And Converteam Sign Exclusive Cooperation Agreement Ocean Power Technologies, Inc (OPT) is pleased to announce that OPT andConverteam Ltd have signed a Cooperation Agreement for the development of HighTemperature Superconductor (HTS) Linear Generators for use in OPT's PowerBuoy(R)wave energy converters. Under the agreement OPT and Converteam will jointlydevelop the technology on an exclusive basis for at least five years, includinginvestigating commercial opportunities and potential customers for the HTSlinear generator PowerBuoys. OPT is a leading wave energy technology developer with major PowerBuoy projectsin Spain, the UK and the US with customers and partners including Iberdrola,TOTAL and the US Navy. In parallel with commercial deployments of currentPowerBuoy products, OPT is continually developing enhancements, such as lineargenerators, that can deliver a lower cost of energy supplied. Converteam is also a major supplier to the US Navy, renewables, marine andindustrial markets, specialising in the development, design and supply ofelectrical motors and generators, power converters and cryogenic systems. It hasestablished a leading position in the wind power market and intends to build asimilar position in the wave energy market. The proposed power take-off for theOPT PowerBuoy will employ Converteam's innovative and proprietary lineargenerator system with high temperature superconductors to provide the magneticfield. The vision of the two companies is the direct conversion of the linear up anddown motion of waves into electricity using OPT's PowerBuoy and Converteam's HTSlinear generator. This system is expected to have the advantage of improvedefficiency, reliability and maintainability over traditional power take-off orlinear permanent magnet based systems. Life Cost Analysis predicts that the useof high temperature superconductors provides the necessary magnetic field atmuch lower cost and weight than conventional linear permanent magnet generators.The flexibility and scalability of the PowerBuoy makes it the ideal product forthe introduction of linear power take-off solutions. Integrating Converteam'slinear HTS technology into OPT's conventional PowerBuoy structure will provide awave energy converter with increased energy capture. Dr. George W. Taylor, Chief Executive Officer of OPT, said: "In addition to ouron-going commercialization of the existing PowerBuoy system, OPT continues toinvestigate promising technologies. We are delighted to formalise ourrelationship with Converteam to develop a new 'state of the art' power take-offsystem. A linear HTS generator installed in our PowerBuoys has the potential todeliver significant reductions in the cost of wave generated electricity. OPT isvery excited about the prospects for the HTS technology." Converteam Ltd's Technology Director, Derek Grieve said: "HTS offers a lineargenerator of unprecedented power density and efficiency enabling significantlymore energy to be converted to electrical power. Converteam already has ongoingHTS projects in hydro, marine and wind. These are all migrating to secondgeneration HTS wire which has a much higher flux density, lower cost andoperates at higher temperatures than first generation wires allowing the use ofa cheap coolant medium. HTS is a truly disruptive technology the advantages ofwhich will radically change wave energy capture. Converteam is looking forwardto working with OPT on this exciting and challenging new project." Note to Editors: Converteam About Converteam: Converteam Group is a world leader in power conversionengineering. Building on over a century of experience, it is firmly placed atthe leading edge of technology and innovation with a global reputation forexcellence in the conversion of electrical energy. Converteam develops andprovides solutions built around three core components: rotating machines, drivesand process automation. Serving specialized sectors as well as its core marketsin Marine, Oil & Gas and Offshore, Energy and Industry, its 3,800 staff membersprovide power conversion solutions worldwide. At year-end 2006, the Converteamsales totalled 686,000,000 EUR. Converteam are the UK's largest exporter ofelectrical systems to the Renewables market with production of approximately 3GWof systems sold annually for wind alone. Ocean Power Technologies Ocean Power Technologies, Inc. (NASDAQ: OPTT and London Stock Exchange, AIM:OPT) develops and is commercializing proprietary systems that generateelectricity by harnessing the renewable energy of ocean waves. The Company'sPowerBuoy(R) system is based on modular, ocean-going buoys, which have beenocean tested for nearly a decade. The waves move the buoy-like structurecreating mechanical energy that the Company's technologies convert intoelectricity. The result is a leading edge, ocean-tested, proprietary systemwhich generates reliable, clean, and environmentally-beneficial electricity. Theelectrical power generated by OPT's technology is key to meeting the futureenergy needs of utilities, independent power producers and the public sector. For further information, please contact: Converteam Ltd Tamara Meahan, Manager, External Communications Telephone: +44 1788 563 563 HotPepper PR Nik Ellis Telephone: +44 121 233 0533 Ocean Power Technologies, Inc Dr. George W. Taylor, Chief Executive Officer Telephone: +1 609 730 0400Charles F. Dunleavy, Chief Financial Officer Telephone: +1 609 730 0400 Corfin Communications Ben Hunt, Neil Thapar Telephone: +44 20 7977 0020 Collins Stewart Europe Limited Adrian Hadden Telephone: +44 20 7523 8353 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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