14th Nov 2005 07:00
Ocean Power Technologies Inc14 November 2005 NEWS RELEASE Ocean Power Technologies, Inc. 1590 Reed Road Pennington, New Jersey 08534 USA For Immediate Release 14 November 2005 Powerbuoys simultaneously deployed in two oceans Ocean Power Technologies, Inc ("OPT" or the "Company") (London Stock Exchange:AIM-OPT), announced today that it has deployed two of its PowerBuoysTM, in twooceans, at customer sites off Hawaii and New Jersey, USA. The Hawaii system isin connection with OPT's on-going contract from the US Navy, and the New Jerseysystem is under a contract from the New Jersey Board of Public Utilities("NJBPU"). The Hawaii project is for the building of a wave power station off the MarineCorps Base on Oahu at Kaneohe Bay. Deployment of the PowerBuoy was supported bylocal dive and workboat subcontractors, and was accomplished within one day.Rated at 40 kW power capacity, the system will undergo monitoring and systemsintegration during in-ocean operation. The PowerBuoy is located approximatelyone kilometer off the coast, in 30 meters of water. Data gathered from theperformance of this system will also support on-going engineering of the nextgeneration of PowerBuoys. The Company's contract with NJBPU is under its Renewable Energy and EconomicDevelopment ("REED") Program. The New Jersey PowerBuoy will be used formarketing of OPT's advanced-design PowerBuoy to prospective partners for thebuilding of a megawatt-level OPT power station off the coast of New Jersey. Theadvanced PowerBuoy PB40 design allows efficient performance in regions of widetidal variation, as occurs in much of Europe. The PB40 is rated at 40 kW powercapacity, and was transported to the dockside by standard flatbed vehicle, andtowed to the ocean site by tugboat. Since deployment, the system hassuccessfully withstood wave and wind forces generated by Hurricane Wilma. Dr. George W. Taylor, Chief Executive Officer of OPT, said, "We are very pleasedthat the enhanced PowerBuoy system is now in the water in Hawaii, and that thissecond deployment at the Kaneohe Bay site was accomplished quickly andefficiently. Scale-up with more PowerBuoys is continuing, and we haveappreciated the on-going support of the Navy, as well as the Congressionaldelegations of Hawaii and New Jersey. We believe this is the first time that awave power company has had multiple devices simultaneously operating in thewater." Dr. Taylor continued, "With the New Jersey PowerBuoy successfully deployed andproducing power, we are commencing discussions with certain utilities with aview to the next phase of scale-up to a megawatt-level power station. The REEDProgram is indicative of the strong commitment which the State of New Jersey andthe Board of Public Utilities have to renewable energy, and we look forward tousing this initial project as a springboard to serving the New Jersey areagrid." Reflecting the Company's focus on building on its PowerBuoy ocean testsconducted in 2004, Dr. Taylor continued, "Our employees and subcontractors havedone an outstanding job in accomplishing two deployments simultaneously in theAtlantic and Pacific Oceans." Reproduction quality photographs of the deployment may be obtained from GavinAnderson & Company, noted below. For further information, please contact: Dr. George W. Taylor, Charles F. Dunleavy,Chief Executive Officer Chief Financial OfficerTelephone: (609) 730-0400 Telephone: (609) 730-0400E-mail: [email protected] E-mail: [email protected] Michael Brennan, Ken Cronin, Evolution Securities Limited Gavin Anderson & CompanyTelephone: +44 207 071 4300 Telephone: +44 207 554 1400 Background Information Ocean Power Technologies, Inc. OPT is the world's first publicly listed wave power company. It iscommercialising its proprietary technology for the generation of electricalpower using the energy of ocean waves. OPT's wave energy systems are based onmodular, buoy-like structures, called PowerBuoysTM, which are "intelligent"systems capable of responding to differing wave conditions. The Company'socean-tested systems have the potential to provide cost competitive, cleanelectrical power on a large scale. For further information, see the Company'swebsite: www.oceanpowertechnologies.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Optima Health