PENNINGTON, N.J.--(BUSINESS WIRE)--Nov. 6, 2009--
Ocean Power Technologies (Australasia) Pty Ltd (“OPTA”), a subsidiary of
Ocean Power Technologies, Inc. (NASDAQ:OPTT)(LSE:OPT) (“OPT”) is pleased
to announce that, in partnership with Leighton Contractors Pty Ltd
(“Leighton”), it has received a A$66.46 million grant from the Federal
Government of Australia to build a 19 MW wave power project off the
coast of Victoria, Australia.
The award is one of four renewable energy projects approved by the
Federal Government after considering over 30 applications, and is the
sole wave energy venture.
The Government funding will be used by OPTA and Leighton to advance the
construction of a wave power station to be built in three phases off the
coast of Victoria near the city of Portland, with a total expected
capacity of 19 MW – sufficient to fulfill the energy needs of
approximately 10,000 homes. The project is to be developed by a special
purpose company, Victorian Wave Partners Pty Ltd, that was formed by
OPTA and Leighton following the signing of an agreement (as announced
December 19, 2008) to collaborate in pursuing wave power projects off
the east and south coasts of Australia. It is expected that work will
begin on the project by the second quarter of calendar year 2010.
Dr. George W. Taylor, founder and Executive Chairman of OPT, and Chief
Executive of OPTA, said: “We are delighted to have received this vote of
confidence from the Australian Federal Government, which has taken a
bold step to spur adoption of renewables and wave energy in particular.
Our Victoria, Australia project is expected to be one of the first
utility-scale wave energy projects globally, and the latest example of
OPT’s lead in turning wave energy technology into a commercial reality
worldwide.” Taylor, who was born and educated in Australia, continued,
“We are delighted to have this opportunity to use OPT’s PowerBuoy®
technology in Australia.”
The award was announced by the Australian Resources & Energy Minister,
Martin Ferguson, under the Renewable Energy Demonstration Program
(REDP), which has awarded funding totaling A$235 million to four
renewable energy projects, aimed at meeting the Government’s target of
generating 20% of the country’s energy needs from renewable sources by
2020.
The grant is conditional on the signing of a Funding Deed stipulating
the conditions for the grant, which includes funding milestones.
Victorian Wave Partners will be required to seek additional funding to
enable the completion of the 19 MW wave power station.
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
the advancement of wave energy and participates in a $150 billion annual
power generation equipment market. The Company's proprietary PowerBuoy®
system is based on modular, ocean-going buoys that capture and convert
predictable wave energy into low-cost, clean electricity. The Company is
widely recognized as a leading developer of on-grid and autonomous
wave-energy generation 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.
Source: Ocean Power Technologies
Ocean Power Technologies, Inc.
Mark R. Draper, Chief
Executive Officer
Telephone: +1 609 730 0400
or
Charles
F. Dunleavy, Chief Financial Officer
Telephone: +1 609 730 0400
or
Ocean
Power Technologies (Australasia) Pty Ltd
Gilbert C. George,
Director
Telephone: +61 412 992130
or
Nomura Code
Securities Limited
Juliet Thompson, Richard Potts
Telephone:
+44 20 7776 1200
or
Media Contact:
Corfin
Communications
Neil Thapar, Martin Sutton, Claire Norbury
Telephone:
+44 20 7977 0020
