PENNINGTON, N.J.--(BUSINESS WIRE)--Dec. 19, 2008--Ocean Power Technologies (Australasia) Pty Ltd ("OPTA"), a subsidiary of
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange
AIM: OPT) ("OPT") is pleased to announce that it has signed an agreement
with Leighton Contractors Pty Ltd ("Leighton") to develop wave power
projects off the east and south coasts of Australia.
This agreement is in line with OPT's global plan to form alliances with
strategic partners in key areas of the world and will expand the
company's activities in Australia.
The initial phase of work will be for OPTA and OPT to identify potential
project sites and assess their commercial prospects, under contract from
Leighton. Upon identification of projects to be developed, Leighton will
obtain approvals, negotiate power purchase agreements, structure project
financing, and oversee project delivery and operation of the power
stations. OPTA will sell its PowerBuoy wave power station to special
purpose companies formed by Leighton for the projects.
Leighton Contractors employs over 9,000 people and has Au $9.0 billion
in projects. Over the past 50 years, Leighton has played an active role
in building Australia's ports and marine facilities, transportation
infrastructure, and energy projects including the wind and offshore oil
and gas sectors.
Commenting on the agreement, OPT's Chief Executive Officer, Dr. George
W. Taylor, said "Leighton is one of Australia's major infrastructure
providers, with an annual turnover of several billion dollars. Its
project development and delivery expertise will contribute to making the
Australian market a major regional hub for the introduction and
commercialization of OPT's unique, ocean tested wave power technology.
Leighton is an early mover in the rapidly developing market for
renewable energy, and we are delighted they have decided to form an
alliance with us, as the Australian appetite for renewable energy and
carbon reduction strategies is increasing."
Phil Cooper, Executive General Manager for Leighton Contractors, said
that OPT's track record and technical strength make it an ideal partner
for Leighton Contractors. "OPT's PowerBuoy technology will play an
important role in developing alternative energy solutions across
Australia," Mr. Cooper noted.
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
harnessing wave energy and participates in a $150 billion renewable
energy market. The Company's proprietary PowerBuoy(R) system is based on
modular, ocean-going buoys that capture and converts predictable wave
energy into low-cost, clean electricity. The Company is widely
recognized as the leading provider of on-grid and autonomous wave-energy
generation with its energy 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.
About Leighton Holdings Limited
Leighton Holdings Limited is the parent company of Australia's largest
project development and contracting group. Founded in Victoria in 1949,
the organization has grown from a small, privately owned civil
engineering firm into a dynamic group that includes Thiess, John
Holland, Leighton Properties, Leighton Contractors, Leighton
International and Leighton Asia. With 37,000 employees, the Group's
operations are throughout the Asia-Pacific region on projects in
Australia, New Zealand, Hong Kong, Indonesia, Malaysia, Singapore, the
Philippines, Thailand, Vietnam, China, Taiwan, Sri Lanka, Macau, India
and the Gulf Region. Leighton Holdings is listed on the Australian Stock
Exchange (ASX:LEI) and has its head office in Sydney. Leighton
Contractors is committed to becoming a leader in the renewable energy
sector and has been involved in a number of sustainable energy projects
in recent years, including the design and construction of numerous wind
farms, biofuel projects and clean power stations throughout Australia.
CONTACT:
Ocean Power Technologies, Inc.
Chief Executive Officer
Dr. George W. Taylor, +1 609 730 0400
or
Chief Financial Officer
Charles F. Dunleavy, +1 609 730 0400
or
Ocean Power Technologies (Australasia) Pty Ltd
Director
Gilbert C. George
ggeorge@oceanpowertech.com
or
Media Contact in United States:
Edelman
Mona J. Walsh, +1 212 704 4598
mona.walsh@edelman.com
or
Media Contact in United Kingdom:
Corfin Communications
Neil Thapar, Martin Sutton, +44 20 7977 0020
or
Collins Stewart Europe Limited
Adrian Hadden, +44 20 7523 8350
or
Leighton Contractors Pty Ltd
Manager
Media and External Communications
Christian Sealey, +61 448061672
Source: Ocean Power Technologies, Inc.
