Message #16 From:
NewsBot Date: June 17, 2008 09:15:57 PM
OPTT Stock: Ocean Power Technologies and Griffin Energy Sign Joint Development Agreement for Western Australian Wave Power Station
Ocean Power Technologies (Australasia) Pty Ltd (“OPTA”),
a subsidiary of Ocean Power Technologies, Inc. (Nasdaq: OPTT stock and London
Stock Exchange AIM: OPT) (“OPT”)
and Griffin Wave Power Ltd, a subsidiary of Griffin Energy Pty Ltd (“Griffin
Energy”) today announced a Joint Development
Agreement for the development, construction and operation of a wave
power station off the coast of Western Australia.
Griffin Energy, a leading Western Australian diversified energy
supplier, is partnering with OPT’s world
leading technology to further expand its balanced generation portfolio,
which currently includes plans for coal, gas and wind power.
The Agreement paves the way for the development of a wave power station
capable of producing up to 10 MW, with potential expansion to 100 MW.
The green energy generated by the project, planned for the coast off the
northern suburbs of Perth, Western Australia, would then be fed into the
State’s main power grid.
Ocean Power Technologies CEO, Dr. George W. Taylor, said that OPT was
pleased to partner in the new initiative to deliver leading edge
technology to Western Australia. “Wave power,
which harnesses the very concentrated and predictable energy of oceans,
is one of the leading emerging sources of renewable energy,”
he said.
“We believe that by bringing our extensive
in-ocean experience and innovative technology together with Griffin
Energy’s proven track record in delivering
Western Australian power projects, we have a significant opportunity to
build our international portfolio of successful wave power stations.”
Griffin Energy Executive General Manager Wayne Trumble said the new
project was part of the Company’s vision of
delivering a balanced energy supply to Western Australia.
“The Western Australian Government has
already announced it intends to implement a renewable energy target of
15% by 2020, including powering key infrastructure such as the new
Binningup desalination plant,” Mr. Trumble
said.
“Our proposed joint venture wave power
project will put us at the forefront of a new horizon in renewable
energy development, and we look forward to working with government and
OPT to realise our vision.”
Under the terms of the agreement, OPTA and Griffin Energy plan to form a
joint venture, to which OPTA will provide the turn-key power station,
and operations and maintenance (O&M) service.
The project represents a substantial investment in sustainable energy by
Griffin, and both joint venture parties are hopeful of subsequent
expansion phases. Wave energy’s density and
availability off the Western Australian coast means that an area as
little as 100 hectares could produce 100 MW of power.
Mr. Trumble said, “Western Australia presents
OPT with unique opportunities in terms of strong and reliable wave
power. We look forward to working with the Company to expand our
significant renewable energy portfolio and lead Western Australia in the
development of this energy source.”
Forward-Looking Statements By OPT
This release may contain "forward-looking statements" for the purposes
of the safe harbor provisions of the US Private Securities Litigation
Reform Act of 1995. These forward-looking statements reflect OPT’s
current expectations about its future plans and performance, including
statements concerning the impact of marketing strategies, new product
introductions and innovation, deliveries of product, sales, earnings,
and margins. These forward-looking statements rely on a number of
assumptions and estimates which could be inaccurate and which are
subject to risks and uncertainties. Actual results could vary materially
from those anticipated or expressed in any forward-looking statement
made by OPT. Please refer to OPT’s most
recent Form 10-K and subsequent filings for a further discussion of
these risks and uncertainties. OPT disclaims any obligation or intent to
update the forward-looking statements in order to reflect events or
circumstances after the date of this release.
About Griffin Energy
Griffin Energy Pty Ltd is a leading power supplier in the Western
Australian energy market. Using innovative technologies designed to
reduce greenhouse gas emissions associated with traditional power
stations, Griffin Energy has built its business by providing a reliable,
competitive and sustainable electricity source from a series of
generating assets and technologies. Griffin Energy actively supports
research and development into ‘clean coal’
and into the future production of energy to reduce adverse environmental
impact. Griffin Energy is a part of the The Griffin Group, one of
Western Australia’s largest private
enterprises.
About Ocean Power Technologies
Ocean Power Technologies, Inc. develops and is commercializing
proprietary systems that generate electricity by harnessing the
renewable energy of ocean waves. The Company’s
PowerBuoy® system is based on modular,
ocean-going buoys, which have been ocean tested for nearly a decade. The
waves move the buoy-like structure creating mechanical energy that the
Company’s proprietary technologies convert
into electricity.
Griffin Energy Pty Ltd Wayne Trumble, +618 9261 2800 Executive
General Manager or Porter Novelli Paul Downie, +618 9386
1233 or Ocean Power Technologies, Inc Dr. George
W. Taylor, +1-609-730-0400 Chief Executive Officer or Gilbert
C. George, +61 (0) 412 992 130 Director - OPTA ggassoc@ozemail.com.au or United
Kingdom: Corfin Communications Martin Sutton, Neil Thapar +44
20 7977 0020 or Collins Stewart Europe Limited Adrian
Hadden, +44 20 7523 8350 or United States: Edelman Mona
J. Walsh, +1-212-704-4598 mona.walsh@edelman.com
