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News Release Details

Ocean Power Technologies Awarded $500,000 Contract by State of New Jersey

Nov 26, 2003 at 12:00 AM EST
Ocean Power Technologies, Inc. (“OPT”) (AIM-OPT) is pleased to announce today that it has been awarded a $500,000 contract from the New Jersey Board of Public Utilities Office under its new Renewable Energy and Economic Development (“REED”) Program. Under the contract, OPT will install and operate one of its PowerBuoyTM electricity generating systems off the coast of New Jersey. This contract follows from a systems delivery contract OPT has with the US Navy at a site in Hawaii. The New Jersey system will be used for marketing purposes to partners for the expected scale-up to a multi-megawatt OPT power station off the coast of New Jersey.

Dr. George W. Taylor, Chief Executive Officer of OPT said, “We are very pleased that the State of New Jersey has selected OPT for this contract. The State is in the forefront of US efforts to foster the wide-scale deployment of renewable energy systems. In this regard, New Jersey has mandated that four percent of all power produced in the State must be from renewable generating sources by 2008, and twenty percent by 2020.” Dr. Taylor noted further that “OPT looks forward to building on this contract to obtain additional support from the State for an expanded commercial OPT wave power station to be located off the coast of New Jersey.”

The REED Program is an important part of New Jersey's initiatives to increase the State's energy independence. “BPU's REED Program is intended to promote renewable energy and to make New Jersey the “Green Power State” for the development of renewable energy technologies,” said Jeanne M. Fox, President of the New Jersey Board of Public Utilities (BPU). “The Governor's renewable energy goals are to transform New Jersey into a national leader for the promotion and use of clean, renewable energy,” said President Fox. “I am hopeful these grants will encourage companies to develop energy efficiency and renewable technologies such as the steps taken by Ocean Power Technologies,” said President Fox. Ocean Power Technologies, Inc. is the world's first publicly listed wave power company. It is commercializing its proprietary technology for the generation of electrical power using the energy of ocean waves. OPT's wave energy systems are based on modular, buoy-like structures, called PowerBuoysTM, which are “intelligent” systems capable of responding to differing wave conditions. The Company's oceantested systems have the potential to provide low-cost, clean electrical power on a large scale without the enhancements of tax credits or subsidies.

OPT Contacts:

Dr. George W. Taylor, Chief Executive Officer
Telephone: (609) 730-0400,br. E-mail:

Charles F. Dunleavy, Chief Financial Officer
Telephone: (609) 730-0400

Bobby Morse, Buchanan Communications
Telephone: +44 207 466 5000

Isabel Petre, Buchanan Communications
Telephone: +44 207 466 5000