Optima Health Regulatory News (OPT)

24 Jan 2007 07:01

Ocean Power Technologies Inc24 January 2007 24 January 2007 Ocean Power Technologies, Inc. 1590 Reed Road Pennington, New Jersey 08534 USA Applications for Oregon wave energy projects Ocean Power Technologies, Inc ("OPT", or the "Company") (London Stock Exchange:AIM-OPT) is pleased to announce that it has filed applications for permits fromthe US Federal Energy Regulatory Commission (FERC) for two 100 MW wave powergeneration projects in Oregon, USA. The permit applications are for the building of OPT Wave Parks near Coos Bay, inCoos County, and near Newport, in Lincoln County. Power produced by these WaveParks would be provided to the existing transmission system operated by CentralLincoln Peoples Utility District. The proposed projects would comply with allinterconnection requirements of the Bonneville Power Administration. The proposed projects would utilize the wave energy resources of Oregon togenerate energy in a dependable and environmentally sound way. Under thepermits, OPT would be authorized to conduct reviews of existing environmentalinformation, initiate permitting and environmental studies, conduct economic andfinancial analysis, and initiate the FERC license process. The projects areeligible for the Oregon Business Energy Tax Credit and the proposed OregonProduction Incentive. Construction of the full-scale 100 MW wave power plantsfollowing completion of the initial program is expected to result in significantinvestment and creation of jobs in the state of Oregon. A 100MW power station isestimated to provide energy for approximately 50,000 homes. Dr. George Taylor, Chief Executive Officer of OPT, said: "Continuing ourcommitment to utilize the superb wave energy resources of Oregon, and theproximity to coastal grid connections, OPT is pleased to have selected these twosites for building our PowerBuoy(R) wave power stations. We welcome the supportand input of the Oregon state government, as well as local groups, as we developthese projects." 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 PowerBuoyTM system is its compact nature and lowvisual impact. For further information, please contact: Ocean Power Technologies, Inc Telephone: +1 609 730 0400Dr. George W. Taylor, Chief Executive OfficerCharles F. Dunleavy, Chief Financial Officer Corfin Communications Telephone: +44 20 7929 8989Ben Hunt, Neil Thapar Background Information Ocean Power Technologies, Inc. Ocean Power Technologies, Inc. develops and is commercializing proprietarysystems that generate electricity by harnessing the renewable energy of oceanwaves. The Company's PowerBuoy(R) system is based on modular, ocean-going buoys,which have been ocean tested for nearly a decade. This information is provided by RNS The company news service from the London Stock Exchange