OPT Optima Health Plc

 

TIDMOPT 
 
 
Ocean Power Technologies Inc 
04 August 2010 
 
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  OCEAN POWER TECHNOLOGIES SIGNS HISTORIC STAKEHOLDER AGREEMENT FOR OREGON WAVE 
                                 ENERGY PROJECT 
 
Pennington, NJ - August 4, 2010 -- Ocean Power Technologies, Inc. (Nasdaq: OPTT 
and London Stock Exchange AIM: OPT) ("OPT" or the "Company") announces that it 
has signed a groundbreaking Settlement Agreement ("SA") with 11 federal and 
state agencies and three non-governmental stakeholders for its  utility-scale 
wave power project at Reedsport, Oregon. 
 
This agreement represents a major step towards the grant of the first license 
ever issued by the Federal Energy Regulatory Commission ("FERC") for a 
commercial-scale wave power project in the US. The SA supports the responsible, 
phased development by OPT of a 10-PowerBuoy , 1.5 megawatt capacity wave energy 
station in a manner that protects ocean resources and stakeholder interests. 
Manufacturing of the first 150 kilowatt PB150 PowerBuoy is already underway at 
Oregon Iron Works under its contract with OPT. The 10-buoy wave farm is expected 
to be connected to the grid after receipt of the FERC license and additional 
funding, supplying clean energy to approximately 1,000 homes. 
This first-ever wave energy SA was reached after extensive technical, policy, 
and legal discussions regarding appropriate prevention, mitigation and 
enhancement measures, and study requirements. It covers a broad array of 
resource areas including aquatic resources, water quality, recreation, public 
safety, crabbing and fishing, terrestrial resources, and cultural resources. The 
SA includes an innovative Adaptive Management Planthat will be used to identify 
and implement environmental studies that may be required, and to provide a 
blueprint for the application of this new information as the wave power station 
develops. 
Oregon Governor, Ted Kulongoski, said: "The Settlement Agreement is a 
groundbreaking document that demonstrates the State's commitment to partnering 
with the private sector and coastal communities to explore how we can tap into 
the renewable resource of ocean waves to power our communities. The manufacture 
of the first buoy has already created dozens of green-energy jobs in Oregon and 
when the 10-buoy wave power project is built, a whole new industry will be 
created to benefit our coastal communities. This is an exciting time for our 
State and I look forward to continuing to foster this new industry in Oregon in 
a way that is sensitive to marine habitat and continues to value this important 
resource for Oregon's fishermen." 
 
Dr. George W. Taylor, Executive Chairman of OPT, said: "This agreement 
demonstrates OPT's commitment to develop wave power in a way that respects the 
environment and the needs of all who rely on ocean resources for many different 
uses. It shows how the private sector can work together effectively with 
federal, state, municipal and local groups to attain important common goals of 
sustainable development. I commend the State of Oregon, the City of Reedsport, 
and all of the stakeholders for supporting the use of OPT's innovative wave 
power technology as it transitions to a fully commercial product. Also, we would 
not have gotten to this historic point without the determination of Oregon's 
Governor Ted Kulongoski, who has worked hard to make Oregon a leader in the 
responsible development of wave power. This development will help pave the way 
for the United States to retain a technological advantage in wave power, an 
advantage that has been ceded to other countries that produce solar panels and 
wind turbines. Wave energy has the potential to create manufacturing jobs in 
America, while providing low-cost clean, environmentally benign electricity to 
help replace the use of fossil fuels." 
 
Forward-Looking Statements 
 
This release may contain "forward-looking statements" that are within the safe 
harbor provisions of the Private Securities Litigation Reform Act of 1995. These 
forward-looking statements reflect the Company'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 the 
Company. Please refer to the Company's most recent Form 10-K for a further 
discussion of these risks and uncertainties. The Company 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 Ocean Power Technologies 
 
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) 
is a pioneer in wave-energy technology that harnesses ocean wave resources to 
generate reliable, clean and environmentally-beneficial electricity. OPT has a 
strong track record in the advancement of wave energy and participates in a $150 
billion annual power generation equipment market. The Company's proprietary 
PowerBuoy  system is based on modular, ocean-going buoys that capture and 
convert predictable wave energy into low-cost, clean electricity. The Company is 
widely recognized as a leading developer of on-grid and autonomous wave-energy 
generation systems, benefiting from over a decade of in-ocean experience. OPT's 
technology and systems are insured by Lloyds Underwriters of London. OPT is 
headquartered in Pennington, New Jersey with offices in Warwick, UK. More 
information can be found at www.oceanpowertechnologies.com. 
 
 
 
                                   ********** 
 
Contact information: 
 
+----------------------------------------+---------------------------------+ 
| Ocean Power Technologies, Inc.         |                                 | 
| George W. Taylor, Executive Chairman   | Telephone: +1 609 730 0400      | 
| Brian M. Posner, Chief Financial       |                                 | 
| Officer                                |                                 | 
| Robert Lurie, Vice President North     |                                 | 
| America Business Development and       |                                 | 
| Marketing                              |                                 | 
+----------------------------------------+---------------------------------+ 
| Nomura Code Securities Limited         |                                 | 
| Juliet Thompson, Richard Potts         | Telephone: +44 20 7776 1200     | 
+----------------------------------------+---------------------------------+ 
| Media Contact:                         |                                 | 
| Corfin Public Relations                |                                 | 
| Neil Thapar, Claire Norbury            | Telephone: +44 20 7596 2860     | 
|                                        |                                 | 
+----------------------------------------+---------------------------------+ 
 
                                     ****** 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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