Ocean Power Technologies Expands Relationship with Mitsui Engineering & Shipbuilding
November 08 2010 - 2:00AM
Business Wire
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock
Exchange AIM: OPT) ("OPT" or the "Company") is pleased to announce
that it has expanded its relationship with Mitsui Engineering &
Shipbuilding Co. Ltd. (“MES”) with the signing of a new contract to
develop OPT’s PowerBuoy technology for its application in Japanese
sea conditions.
Under this new contract, the two companies will work together to
develop a new mooring system for OPT’s PowerBuoy®, customized for
wave power stations off the coast of Japan. The new system will
undergo testing at MES’s wave tank facilities to verify the results
of extensive computer modeling. OPT expects to receive 18 million
yen (approximately $220,000) for its development efforts. Work
under this agreement is expected to be performed over the next six
months.
In October 2009, it was announced that OPT and a consortium (the
“Consortium”) of MES, Idemitsu Kosan Co., and Japan Wind
Development Co. had signed a Memorandum of Understanding (the
“MOU”) for the development of wave energy in Japan. OPT and members
of the Consortium have since worked with the Japanese government to
increase recognition of wave power in Japanese energy policy.
Further building on the MOU, OPT and MES intend to complete work on
the mooring system and progress the identification of a project
site for an in-ocean trial of the PowerBuoy system.
Charles F. Dunleavy, Chief Executive Officer of the Company,
said: “We are very pleased to continue to build on our relationship
with MES. This new agreement is consistent with OPT’s global
strategy to form alliances with strategic partners in key markets.
We believe working with MES will facilitate the realization of the
great potential of wave power as a concentrated and predictable
source of renewable energy for Japan.”
The Japanese government has pledged to target a 25 percent cut
in greenhouse gas emissions from 1990 levels by 2020 as part of its
intentions to boost renewable energy sources to about 10 percent of
primary energy supply by 2020. The Japanese government has
specifically targeted wave energy as a component of this
strategy.
Mr. Ryoichi Jinkawa, Managing Director of the Business
Development and Innovation Headquarters of MES, said: “We continue
to be impressed with OPT’s technical strength and in-ocean
experience. MES is very excited by the great business opportunity
resulting from our relationship with OPT. We look forward to
continuing to work with OPT in making our common vision of
increasing the use of renewable energy a reality.”
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 and clean and
environmentally-beneficial electricity. OPT has a strong track
record in the advancement of wave energy. The Company participates
in a $150 billion annual power generation equipment market. OPT’s
proprietary PowerBuoy® system is based on modular, ocean-going
buoys that capture and convert predictable wave energy into 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 systems
are insured by Lloyds Underwriters of London. OPT is headquartered
in Pennington, New Jersey with an office in Warwick, UK. More
information can be found at www.oceanpowertechnologies.com.
About Mitsui Engineering & Shipbuilding Co.
The principal business of Mitsui Engineering & Shipbuilding
(“MES”) is machinery and shipbuilding. With annual revenues in
excess of $8.0 Billion, MES’ activities include manufacturing and
sales of various types of industrial machinery, such as engines,
boilers, gas turbines and robotic systems, and plant construction
for water and waste treatment facilities, bridges, and watergates.
Its shipbuilding business comprises a broad array of natural
resource carriers and hull tankers. MES is a publicly-held company
with over 10,000 employees.
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