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Major Milestones 2009 July – September Ocean Power Technologies Limited signs a Commitment Agreement with the South West Regional Development Agency to advance the development of Wave Hub, one of the world’s largest proposed renewable marine energy projects. This Agreement supports the Company’s expected efforts to build a demonstration wave power station at the site, about 17 kilometres off the coast of St Ives, Cornwall, England. The Company’s expected participation in the Wave Hub project includes plans to build, install and operate a wave power station comprised of its patented PowerBuoy systems generating up to 5MW of electricity – equivalent to the energy needs of approximately 1,750 homes annually. The UK Government has earmarked £42 million for Wave Hub as part of a £100 million investment towards creating the UK’s first low carbon economic area in the South West England region. April – June Ocean Power Technologies announces that it has reached two major manufacturing milestones in the development of the Company’s flagship PB150 PowerBuoy®. These two completed critical stages for the first PB150 comprise the completion of the mechanical elements of the power take-off system and the awarding of the steel fabrication contract for the PowerBuoy structure. When completed, the PB150 PowerBuoy will be deployed at the European Marine Energy Centre in Orkney Islands, Scotland. Angus Norman appointed Chief Executive of Ocean Power Technologies Limited (“OPT Ltd”), the Company’s UK-based wholly-owned subsidiary. Mr. Norman joins OPT from EDF Energy, where he held the position of Managing Director of Sustainable Solutions. He brings more than a decade of leadership experience in the energy and renewable energy generation sector as well as a long track record of acquisition, divestment and project development in the energy, transport, minerals and infrastructure markets. Dr. George Taylor receives the 2009 Renewable Energy Navigator Award from the Foundation for Ocean Renewables. This major award was received by Dr. Taylor for over 25 year of dedicated service to renewable energy. Ocean Power Technologies receives additional $1.1 million in funding from the US Navy for Hawaii Wave Power Project to support the continuing upgrades and testing of the advanced PowerBuoy® aimed at improved ocean durability. The Hawaii project is for the installation, testing and utility grid connection of successive PowerBuoys off the Marine Corps Base Hawaii at Kaneohe Bay. January - March Mark Draper is named CEO of Ocean Power Technologies, Inc. Previously as COO, Mr. Draper has been instrumental to the Company’s progress in developing its PowerBuoy® PB150 product generation, and in expanding operations in Europe and North America. Dr. George W. Taylor, founder of the Company and previously Chief Executive Officer, has been appointed Executive Chairman of the Company. Dr. Phil Hart is appointed Chief Technology Officer. Dr. Hart is responsible for advanced technology development for OPT. This will include leading the development of the next generation of PowerBuoy(R) systems and directing on-going engineering and research programs. Prior to joining OPT, Dr. Hart worked for Global Marine Systems, an international marine technology and engineering company. Ocean Power Technologies and Lockheed Martin announce collaboration for Utility Wave Power Project in North America. The agreement builds on their previous work together on systems for U.S. homeland security and maritime surveillance. 2008 Ocean Power Technologies and Leighton Contractors signed an agreement to develop Wave Power Stations in Australia. This agreement expands the company's activities in Australia, which is a key area of the world for the Company. Ocean Power Technologies launches a new PowerBuoy® in Hawaii. The November deployment marked the third PowerBuoy deployment over a two month period at sites in both the Atlantic and Pacific Oceans. Ocean Power Technologies wins a new $3 million contract from the US Navy for the second phase of the US Navy's Deep Water Acoustic Distribution Systems ("DWADS") program. For this program, OPT will tailor the design of its Autonomous PowerBuoy to meet the DWADS program requirements. DWADS has prospective applications using multiple PowerBuoys® for homeland security including powering sensor networks over wide areas of the ocean. Ocean Power Technologies ocean tested a Deep Water Acoustic Distribution System ("DWADS") DWADS PowerBuoy® off the coast of Atlantic City, New Jersey in 3,300 feet of water depth. The Navy ocean tested OPT's autonomous PowerBuoy as a power source for the DWADS program. Ocean Power Technologies won a new $2M Award from US Department of Energy in support of OPT's wave power project in Reedsport, Oregon. Major portions of the PB150 PowerBuoy will be fabricated and integrated in Oregon. This is the first award for the building of ocean wave energy systems by the DoE. OPT deployed the PB40ES PowerBuoy® for the first commercial wave power project with Iberdrola S.A. at a site approximately 3 miles off the Cantabrian coast at Santoña, Spain. OPT secured a 2 MW berth at European Marine Energy Centre (EMEC) at Orkney Islands, Scotland. The Agreement provides for the deployment and operation of OPT's PB150 PowerBuoys®. OPT will be able to sell power into the United Kingdom’s electricity grid at EMEC. Ocean Power Technologies and Griffin Energy announced a Joint Development Agreement for the development, construction and operation of a wave power station off the coast of Western Australia. OPT’s Santoña project has been recognized by Spanish Ministers during a Ministerial visit to the PowerBuoy manufacturing facility in Santander, Spain. The purpose of the visit was to highlight the final assembly and testing of the PowerBuoy® prior to installation. The PowerBuoy will be deployed at Santoña approximately 47 km (28 miles) east of Santander. 2007 Ocean Power Technologies and Converteam sign an exclusive Cooperation Agreement for the development of High Temperature Superconductor (HTS) Linear Generators for use in OPT's PowerBuoy® wave energy converters. This system is expected to have the advantage of improved efficiency, reliability and maintainability over traditional power take-off or linear permanent magnet based systems. Ocean Power Technologies receives an additional $1.9 million in funding for its US Navy Program at Kaneohoe Bay on the island of Oahu, Hawaii. OPT and PNGC Power sign a $500,000 agreement towards the fabrication and ocean installation of the first PB150 PowerBuoy® at Reedsport, Oregon. This effort is the first phase of OPT’s 1.5 MW Reedsport project. OPT's PowerBuoy® Grid Connection receives “ETL” certification for national and international grid connection standards. OPT’s system was certified as compliant with the standards after a rigorous testing program conducted by Intertek Testing Services1. OPT wins a new $1.75 million contract with US Navy for the Deep Water Acoustic Distribution System ("DWADS") program. This program is designed to utilize sophisticated data gathering and communications systems. For this program, OPT will demonstrate power generating capabilities by deploying its PowerBuoy in 3,300 feet of water, 75 miles off the coast of New Jersey. In April 2007, completed Initial Public Offering in the US and listing on Nasdaq, raising net proceeds of US$90.0 million. Filed applications for permits from the US Federal Energy Regulatory Commission for two 100MW power generation projects located at Coos Bay and Newport, Oregon. Awarded world’s first wave power Operation and Maintenance contract for the first phase of the 1.39MW OPT wave power station to be constructed off the north coast of Spain. Awarded a grant of $1.2 million (£641,000) through the Scottish Minister’s Wave and Tidal Energy Support Scheme managed by the Scottish Executive. The grant is for the construction, installation and in-ocean demonstration of OPT’s latest 150 kW PowerBuoy® design, the PB150. Signed agreement with Pacific Northwest Generating Cooperative to work cooperatively on OPT’s development of the Reedsport, Oregon wave power station. Awarded $1.7 million contract from US Navy to provide PowerBuoy® technology to a unique Navy program for ocean data gathering, the Deep Water Acoustic Detection System. 2006 Awarded initial contract from US Department of Homeland Security. Selected to occupy a position at the South West Wave Hub project off the north coast of Cornwall, England, for installation of a 5MW OPT wave power station. Filed application for permit from US Federal Energy Regulatory Commission (FERC) for 50MW wave power station located at Reedsport, Oregon. Signed agreement with Iberdrola SA of Spain for the “turnkey” construction and installation of the subsea power transmission cable, underwater substation, grid connection and the first PowerBuoy® unit in connection with a 1.25MW OPT wave power station on the north coast of Spain. Signed a marketing cooperation agreement with Lockheed Martin. 2005 Installed a 40 kW-rated PowerBuoy® (PB-40) off Tuckerton, New Jersey as part of the New Jersey Board of Public Utilities Renewable Energy and Economic Development (“REED”) program. System withstood wave and wind forces of Hurricane Wilma. Signed agreement with Total S.A. of France to develop a wave power station on the west coast of France. Total is one of the largest oil and gas companies in the world with operations in more than 130 countries. 2004 Formed joint venture with Iberdrola S.A. of Spain to build a wave farm on the north coast of Spain. Iberdrola is Europe’s largest utility in renewable energy, with over $13 billion in annual revenues. Installation of the first buoy under a contract from the US Navy for a wave farm off the Marine Corps Base Hawaii at Kaneohe Bay on the island of Oahu, including successful completion of a rigorous environmental impact assessment. Formed Ocean Power Technologies Limited, a UK based wholly owned subsidiary focused on managing and developing OPT wave energy projects in Europe. Mark Draper, former Managing Director of Powergen’s Generation Business, was appointed Chief Executive. Completed ocean testing of a 1 kW Autonomous PowerBuoy® (APB) for Lockheed Martin Corporation as part of an underwater sensor system. 1997-2003 Initial Public Offering and listing on London Stock Exchange’s AIM Market, October 2003. Completed ocean testing of numerous PowerBuoy® systems off Atlantic City, NJ as part of programs funded by OPT and the United States Navy. Back to Top 1The ETL Listed Mark is an alternative to the CSA and UL marks. ETL Testing Laboratories has been conducting electrical performance and reliability tests since 1896 and was acquired by Intertek Testing Services in 1996. |
