Key Developments For Ocean Power Technologies, Inc.
Ocean Power Technologies, Inc. (OPTT.O) (Consolidated Issue listed on NASDAQ Global Market)
Ocean Power Technologies, Inc. And Lockheed Martin Corporation Developing Utility-Scale Wave Power System
Lockheed Martin Corporation and Ocean Power Technologies, Inc. (OPT)announced that they have signed a commercial engineering services agreement to develop OPT's wave energy systems for use in future utility-scale power generation projects. Under the agreement, Lockheed Martin will provide its expertise in systems integration, lean manufacturing, and test and optimization analysis to enhance OPT's innovative PowerBuoy wave power generation technology to utility-scale. This critical step will allow the two companies to pursue future utility-scale power generation projects in North America. The companies agreed to collaborate on such projects in a letter of intent signed in January 2009.
Ocean Power Technologies, Inc. Signs Agreement For Development Of Wave Power Station In Japan
Ocean Power Technologies, Inc. announced that it has signed an exclusive agreement with a consortium of three Japanese companies to develop a demonstration wave power station in Japan. The Japanese consortium comprises Idemitsu Kosan Co., Mitsui Engineering & Shipbuilding Co., and Japan Wind Development Co. (Consortium). Further, Ocean Power Technologies, Inc. has been invited to become a member of the Tokyo Wave Power Initiative, a committee including the city of Tokyo, regional governments and national agencies involved in the promotion of new energy sources. The initial phase of the project will be for Ocean Power Technologies, Inc. and the Consortium to work with the Japanese government to increase the recognition of wave power in Japanese energy policy, and to identify favorable sites for Ocean Power Technologies, Inc. wave power stations and assess their commercial prospects. The trial plant would provide the basis for the expected building of a commercial-scale Ocean Power Technologies, Inc. wave power station with an initial capacity of 10MW or more. Total output from the wave power station would be sold to electric utilities, and at 10MW, could provide power for up to 3,000 households in Japan. Under the anticipated agreement to build the demonstration plant, Ocean Power Technologies, Inc. will sell the equipment for the power station to the Consortium.
Ocean Power Technologies, Inc. Wins New $2.4 Million Contract From Us Navy For Maritime Security
Ocean Power Technologies, Inc. announced that it has achieved a milestone for its autonomous PowerBuoy product with the award of a new $2.4 million contract from the US Navy to provide OPT's PowerBuoy wave energy conversion system to the Navy's Littoral Expeditionary Autonomous PowerBuoy (LEAP) program. This contract, to be performed over a one year period, is the initial award under a proposed four-year $15.0 million project concerning the LEAP system that has been established to enhance the US Navy's anti-terrorism and force protection capability by providing persistent power at sea for port maritime surveillance in the near coast, harbors, piers and offshore areas. The system capability includes detection, tracking and communication of information on a timely basis. Certain aspects of the system will be provided by sub-contractors to OPT, including Rutgers University and Mikros Systems Corporation. Under the initial contract, OPT will provide its PowerBuoy wave energy conversion technology for testing with sensor-based and communications systems, with the ultimate aim under the four-year program of developing a LEAP-based vessel detection system testbed.
Ocean Power Technologies, Inc. Announces Agreement With South West Regional Development Agency
Ocean Power Technologies, Inc. announced that Ocean Power Technologies Limited signed a Commitment Agreement with the South West Regional Development Agency (South West RDA) to advance the development of Wave Hub. The agreement serves to support the Company's expected efforts to build a demonstration wave power station at the site, about 17 kilometres off the coast of St Ives, Cornwall, England. The Company's expected participation in the Wave Hub project includes plans to build, install and operate a wave power station comprised of its patented PowerBuoy systems generating up to 5MW of electricity equivalent to the energy needs of approximately 1,750 homes annually. Following completion of the project infrastructure by the South West RDA, OPT plans to deploy its systems in a phased roll-out.
Ocean Power Technologies, Inc. Receives Additional Funding $1.1 Million
Ocean Power Technologies, Inc. announced that it has received additional funding of $1.1 million for its on-going project with the U.S. Navy to demonstrate the Company's PowerBuoy system off the Hawaiian island of Oahu. The PowerBuoy system was deployed in October 2008 at the offshore site approximately one mile off the coast, in 100 feet of water depth. During initial commissioning tests the power produced was in line with predicted levels. This additional contract award will primarily support the continuing upgrades and testing of the PowerBuoy, for improved ocean durability.
