19th Jul 2006 10:04
Ocean Power Technologies Inc19 July 2006 Ocean Power Technologies, Inc. For Immediate Release 19 July 2006 OPT Chief Executive encourages US Senate to Support Wave Power Technology Ocean Power Technologies, Inc ("OPT", or the "Company") (London Stock Exchange:AIM-OPT) today announces that Dr. George W. Taylor, Chief Executive Officer ofthe Company, testified before the United States Senate Committee on Commerce,Science and Transportation and called on legislators to include wave powertechnology in the nation's move towards increased utilisation of renewableenergy. Among several alternative energy companies making presentations, OceanPower Technologies was invited as the sole representative of the wave and tidalenergy industry sector. Addressing last month's hearings on Alternative Energy Technologies sponsored bythe Subcommittee on Technology, Innovation and Competitiveness, Dr Taylorsubmitted the case for wave power, saying: "More than 53% of the US populationlives near the coast. So in the future, where are we going to put the powerstations? We contend that the ocean is one of the best answers. And while we donot propose that all of the Nation's power needs can be supplied from waveenergy - we believe that a significant portion can. For example, several hundredsquare miles of area off the California coast could supply the electrical powerneeds for all of California's homes." Dr. Taylor called upon legislators to: • Provide support for wave energy commensurate with that which has been provided previously for wind and solar energy • Include wave energy in the Production Tax Credit (PTC) • Modify Federal Energy Regulatory Commission statutes to allow for the rapid permitting of wave power stations. In his comments, Senator John Ensign (R - Nevada), chairman of the subcommittee,stated, "As other nations consider alternative energy technologies, the UnitedStates should make sure that it remains innovative in this sector." Hecontinued, "Innovation in the field of alternative energy technologies isparticularly important in ensuring our Nation's future economic strength,environmental health, and national security." A transcript of Dr. Taylor's presentation follows this news release, and is alsoincluded in the Company's web site in the Media section under "Presentations". For further information, please contact: Ocean Power Technologies, IncDr. George W. Taylor, Chief Executive Officer Telephone: +1 609 730 0400Charles F. Dunleavy, Chief Financial Officer Corfin CommunicationsBen Hunt, Neil Thapar Telephone: +44 20 7929 8989 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. Testimony of Dr. George W. Taylor, Chief Executive Officer Ocean Power Technologies, Inc. Before The United States Committee on Commerce, Science, and Transportation Subcommittee on Technology, Innovation, and Competitiveness Concerning Alternative Energy Technologies June 14, 2006 Good Morning Chairman Ensign and distinguished Committee members. My name isDr. George Taylor and I am the Chief Executive Officer of Ocean PowerTechnologies, Inc. I am honoured to be here today to share with you theprogress that has been made toward the commercialization of wave energyconversion technology as a means of supplying clean, renewable - and much needed- power to our Nation's electricity grid. And while significant progress hasbeen made, there is much more to do to realize the potential of the energystored in our Earth's oceans. I hope that in the next few minutes I can impressupon you that wave energy is commercially viable, that it has the potential tosupply significant amounts of power in areas where it is needed most, and thatthe Federal government can and should play a role in encouraging and supportingthe growth of this rapidly advancing technology. Let me start by saying why we believe wave energy makes sense for the UnitedStates. More than 53% of the US population lives near the coast. So in thefuture, where are we going to put the power stations? We contend that the ocean is one of the best answers. In fact the world'senergy demand could be met if only 0.2 percent of the oceans' untapped energycould be captured. And while we do not propose that all of the Nation's powerneeds can be supplied from wave energy - we believe that a significant portioncan. For example, several hundred square miles of area off the California coast,could supply the electrical power needs for all of California's homes. The Electrical Power Research Institute, EPRI, has conducted a comprehensiveeconomic study of wave power generation. This study concludes that theeconomics of wave energy could be at least as favourable as wind generation ifthe same resources that have been invested in wind and solar energy wereinvested in wave energy. We believe the cost of wave generated energy has thepotential - with the proper investment - to approach that of conventional energyin the next five years. Wave energy has the distinct advantage over other renewable energy sources, inthat it has high power density, excellent availability, and predictability.Water is about 1000 times more dense than air allowing smaller, lower cost waveenergy conversion devices to extract more energy from a smaller footprint. Thinkof waves as a natural means of storing energy. Solar radiation creates wind.Wind creates waves. Long after the winds subside, the waves continue. Andwaves don't know night from day - which is why on some parts of the coast theavailability of a wave power station could be as high as 80 to 90 percent. Oneof the major advantages of wave power is that at night-time, when electricalenergy usage is low, wave energy can be used for economically poweringdesalination and hydrogen production utilizing the surrounding water. Wavepropagation is also highly predictable as much as 24 hours in advance.Availability and predictability are two features that have caught the attentionof electric utilities as they search for emerging technologies that can supplyreliable power to our Nation's grid. While there has been much debate concerning the aesthetics of other forms ofrenewable energy, our wave power systems are primarily concealed below thesurface of the ocean. They have very low surface profiles, making them almostinvisible from land. In discussions with coastal residents we have learned thatthe low visual impact of our system is seen as a tremendous benefit. I would now like to give you a brief overview of our company, with emphasis onwhere we are from the standpoint of commercialization. Ocean Power Technologies,Inc. (OPT), based in New Jersey, is focused on commercializing its proprietaryPowerBuoyTM technology for both utility scale wave power stations that areconnected to the grid, as well as autonomous remote power systems forocean-based defence and security systems. From 1994 to 2003, our company was primarily focused on research and developmentand ocean testing of small PowerBuoys. Since then, we have been developing for the US Navy a wave power station atMarine Corps Base Hawaii, which will be connected to the Oahu grid. Thisproject has received strong support from the Hawaii and New Jersey congressionaldelegations, for which we are very appreciative. It is also important to notethat an independent Environmental Assessment was conducted, with a Finding of NoSignificant Impact. In addition, in September of 2004 we successfullyocean-tested off the State of Washington a prototype of our autonomous PowerBuoysystem with Lockheed Martin, under a Navy contract. Various governments in Europe have put in place strong initiatives to fosterwave energy projects. Recognizing the European demand for renewable wave energy,we have signed agreements with Total and Iberdrola to develop wave powerstations in France and Spain. Total is one of the largest oil and gas companiesin the world, and Iberdrola is Europe's largest utility in renewable energy.These projects are now moving forward. In 2005, we completed the installation of a PowerBuoy off the coast of AtlanticCity, New Jersey to further validate the viability of the technology. Thisproject was funded by the New Jersey Board of Public Utilities as part of theirsignificant support of green energy. In early 2006, we received a contract from the Department of Homeland Securityfor the first phase of a project to provide power for ocean-based securitysystems. Today, our company is evaluating additional opportunities in the United Statesfor utility scale wave power stations. However, as we seek to progress fromdemonstrations to the implementation of large, commercial wave power stations,we believe there needs to be a more cohesive National policy in place tofacilitate the commercial roll-out of wave power technologies. Other countriesare doing just that. Today we have momentum. While Europe profited in the early years of wind energydevelopment, we believe that the US is in a strong position to lead the world inwave energy commercialization. We request your action to include wave energy in this Nation's comprehensivepolicy to increase utilization of renewable energy. This will serve to give astrong message to the Nation's utilities, capital markets and investmentcommunity that wave power projects are recognized by the Government as animportant source of renewable energy. With the resulting commitment of allthose parties, will come the development needed to make wave energy commerciallycompetitive. To that end, I encourage Congress and this Committee to consider the followingactions: 1. Provide support for wave energy commensurate with that which has been provided previously for wind and solar energy. 2. Include wave energy in the Production Tax Credit (PTC). 3. Modify FERC statues to allow for the rapid permitting of wave power stations. 4. Insure that the MMS rules that are being developed allow for the timely development of pilot scale wave energy projects. In conclusion, let me thank you for your judgment to include wave energy in thishearing. The success of new technologies is about vision, leadership, andcourage to do what has never been done before. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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