Optima Health Regulatory News (OPT)

24 Jul 2006 07:01

Ocean Power Technologies Inc24 July 2006 Ocean Power Technologies, Inc. 1590 Reed Road Pennington, New Jersey 08534 USA For Immediate Release 24 July 2006 OPT files Watershed application for 50MW Oregon wave energy project Ocean Power Technologies, Inc ("OPT", or the "Company") is pleased to announcethat it has filed an application for a permit to the US Federal EnergyRegulatory Commission (FERC) for a 50MW wave power generation project in Oregon,USA. The application is for the first utility scale wave power project in theUS. As part of the initial programme for the OPT Wave Park to be located atReedsport, the Company expects to install its ocean-tested PowerBuoys(TM) initially generating a total of 2MW approximately 2.5 miles off the coast at a depth of 50 metres. Approval for the full-scale 50 MW wave power plant following completion of the initial programme is expected to result in significant investment and creation of jobs in the state of Oregon. The Company has already consulted key stakeholder groups about its plans andwill continue to work closely with these groups over the initial stages of theproject. A key strength of the PowerBuoy(TM) system is its compact nature andlow visual impact. OPT's PowerBuoy technology was cited in recent US Congressional hearings insupport of increasing funding for ocean energy demonstration programmes. USRepresentative Inslee (D-Washington) proposed an amendment to the Deep OceanEnergy Resources (DOER) Act which would increase the funding for ocean energydemonstration programs from $6 million to $20 million per year. Mr. Inslee, ina June 29, 2006 speech, referred to OPT's Hawaii project by saying "In Hawaii wehave a wave power system that is generating electricity for the United StatesNavy, a very ingenious product ... that bobs up and down just underneath thesurface of the ocean... and generates electricity." US Representative Rush Holt (D-New Jersey) supported Mr. Inslee's remarksregarding OPT's PowerBuoy by saying: "The Buoys are located well offshore. Theyare invisible to residents from the coast line. There are, of course, stillquestions to be resolved, still technologies to be developed; but the basictechnology to harness the ocean's power already exists." For further information, please contact: 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 without the enhancements of tax credits orsubsidies. For further information, see the Company's website:www.oceanpowertechnologies.com. This information is provided by RNS The company news service from the London Stock Exchange