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August 21, 2007 – Vol.12 No.22 Ocean Power Technologies Receives Funding Towards First PowerBuoy(tm) for Reedsport, Oregon Wave Park. Ocean Power Technologies, London Stock Exchange and PNGC Power have announced that they have signed an agreement under which PNGC Power will provide funding of $0.5 million to OPT toward the fabrication and ocean installation of the first PowerBuoy (tm) system at the Reedsport OPT Wave Park located in Douglas County near Reedsport, Oregon. Under the contract, OPT will build and deploy a 150 kilowatt-rated non grid-connected PB150 PowerBuoy. The objective is to demonstrate the ocean wave resource and the performance of the PB150. Major portions of the system will be fabricated in Oregon and integrated near Reedsport. This effort is the first phase of OPT’s project to install its ocean-tested PowerBuoy systems initially generating a total of 2 MW approximately 2.5 miles off the coast near Reedsport. OPT has been issued a preliminary permit by the Federal Energy Regulatory Commission (FERC) for up to 50 MW of capacity at the site, and the company plans to develop and operate the initial 2 MW grid-connected wave power park. An agreement previously signed by OPT and PNGC provides a framework under which PNGC and OPT may continue to work together in connection with the phased scale-up to a 50MW wave power park. Specifically, PNGC Power will have the option to participate in ownership or power purchase in future commercial phases of the project. PNGC Power also plans to work with other utilities to increase participation in this first-of-a-kind project in Oregon. PNGC Power is a Portland, Oregon-based electric power cooperative serving 15 distribution cooperatives with service territory in seven western states. Ocean Power Technologies, Inc. develops and is commercializing proprietary systems that generate electricity by harnessing the renewable energy of ocean waves. (8/21/07)
Links: Ocean Power Technologies http://www.oceanpowertechnologies.com PNGC Power http://www.pngcpower.com
Disclaimer, Forward-Looking or Safe Harbor Statement on original press release: No
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