Company Information for Ocean Power Technologies Inc

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Company Statement

Every continent on the planet is surrounded by a cleaner, safer, more efficient answer to our energy needs. The power in ocean waves. Ocean Power Technologies (OPT) is a leading renewable energy company specializing in cost-effective, advanced, and environmentally sound offshore wave power technology. The electrical power generated by OPT's technology is key to meeting the energy needs of utilities, independent power producers and the public sector.

OPT's PowerBuoy® system extracts the natural energy in ocean waves, and is based on the integration of patented technologies in hydrodynamics, electronics, energy conversion and computer control systems. The PowerBuoy is a “smart” system capable of responding to differing wave conditions.

The result is a leading edge, ocean-tested, proprietary system which generates reliable, clean, and environmentally-beneficial electricity.

Company Diagram

OPT power station showing multiple buoys.

Operations and Technology

Technology
OPT's PowerBuoy® wave generation system uses a "smart," ocean-going buoy to capture and convert wave energy into low-cost, clean electricity.
The rising and falling of the waves off shore causes the buoy to move freely up and down. The resultant mechanical stroking is converted via a sophisticated power take-off to drive an electrical generator. The generated power is transmitted ashore via an underwater power cable.

A 10-Megawatt OPT power station would occupy only approximately 30 acres (0.125 square kilometers) of ocean space.

Sensors on the PowerBuoy® continuously monitor the performance of the various subsystems and surrounding ocean environment. Data is transmitted to shore in real time. In the event of very large oncoming waves, the system automatically locks-up and ceases power production. When the wave heights return to normal, the system unlocks and recommences energy conversion and transmission of the electrical power ashore.

• Buoys are spaced to maximize energy capture.
• Rugged, simple steel construction.
• Utilizes conventional mooring systems.
• Simple installation using existing marine vessels and infrastructure.
• Scalable to large power stations (100+ MW)

Geographical Spread

Santoña, Spain

Customer: Iberdrola S.A.

Location: Santoña, Spain

Status: In development; first phase complete; building second phase consisting of subsea power transmission cable, underwater substation, grid connection and the First PowerBuoy unit.

Objective: Demonstrate viability of Wave Power on the Northern Coast of Spain

Initial Wave Park Size: 1.39MW

Water Depth: 50 meters

Bottom Conditions: Sand and Rock formations

Atlantic City, New Jersey

Customer: New Jersey Board of Public Utilities

Location: Atlantic City, New Jersey

Status: Operational October 2005

Objective: Demonstrate viability of Wave Power in New Jersey

Wave Park Size: 40 kW-rated (one PowerBuoy®)

Oahu, Hawaii

Customer: United States Navy

Project Location: Marine Corps Base, Oahu, Hawaii

Status: PB-40 deployed June 2004, October 2005 and June 2007. Completed extensive environmental assessment. Objective: Demonstrate Wave Power for use at US Navy bases, worldwide

Wave Park Size: Up to 1 MW

Water Depth: 30 meters

Bottom Conditions: Limestone

Board of Directors and Key Management

Dr. George W. Taylor	Chief Executive Officer
Mark R. Draper	Chief Operating Officer
Charles F. Dunleavy	Senior VP and Chief Financial Officer
Stuart Bower	Engineering and Projects Director
Paul Jordan	Business Development Director
Deborah A. Montagna	VP and General Manager, Government Systems
Herbert T. Nock	Business Development & Marketing
William B. Powers	Manufacturing Operations
David B. Stewart	VP, Advanced Engineering
Board of Directors
Sir Eric A. Ash	Non-Executive Director
Charles F. Dunleavy	Executive Director
Paul Lozier	Non-Executive Director
Thomas J. Meaney	Non Executive Director
Seymour S. Preston III	Chairman and Non-Executive Director
Dr. George W. Taylor	Executive Director

Company Address 1590 Reed Road Pennington, Alabama, United States 08534 Telephone: +1 609 730 0400 Facsimile: +1 609 730 0404 Email: inf[at]oceanpowertech.com Website: http://www.oceanpowertechnologies.com

Additional Address/Key Contact Ocean Power Technologies Ltd Warwick Innovation Centre Gallows Hill Warwick CV34 6UW UK Phone: +44 (0)1926 623370 Fax: +44 (0) 1926 408190 E-mail: info@oceanpowertech.com

Capital 10,186,254 shares

Related News

25/07/08 - Ocean Power Waves Goodbye To Any Deployment Of Its 150KW Powerbuoy This Year
12/06/08 - Ocean Power Technologies Plans To Deploy Its First Commercial Buoy This Year
19/05/06 - Ocean Power Technologies – "Turning Wave Power Into A Commercial Reality"

Most Recent Statement

18/05/08 - Ocean Power Technologies and Griffin Energy Sign Joint Development Agreement for Western Australian Wave Power Station
24/03/08 - Ocean Power Technologies Announces Audio Webcast of Presentation by Dr. George Taylor at Investor Conference in Boston
24/03/08 - Spanish Ministers Applaud Ocean Power Technologies Project
16/03/08 - Ocean Power Technologies Announces Results for the Quarter and Nine Months Ended January 31, 2008
16/12/07 - Ocean Power Technologies Announces Results for the Quarter and Six Months Ended October 31, 2007
29/10/07 - Ocean Power Technologies and Converteam Sign Exclusive Cooperation Agreement