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Press Release
August 25, 2009
3 minute read

OCEAN POWER TECHNOLOGIES MAKING WAVES IN CLEAN ENERGY



Officials Join Local Clean Energy Company to Launch PowerBuoy® Off Coast


Pennington, N.J. (Aug. 25, 2009) – State and local officials joined with Ocean Power Technologies (OPT) today to commemorate the launch of one of the company’s PowerBuoys® off the coast of Atlantic City. OPT, headquartered in Pennington, is a pioneer and a world leader in wave-energy technology that harnesses ocean wave resources to generate reliable, clean and environmentally-beneficial electricity. 


“This is a celebration of our work in the renewable energy sector and an opportunity to thank the state and federal government for supporting OPT since the very beginning,” said Charles Dunleavy, OPT’s senior vice president and chief financial officer. “As we continue to achieve success in both the national and international markets, OPT is proud to have invented, developed, and grown our operations right here in New Jersey.”


Dunleavy noted that with federal and state support, including assistance from the U.S. Navy, the U.S. Department of Energy, the U.S. Department of Homeland Security, the New Jersey Board of Public Utilities (BPU), the New Jersey Economic Development Authority (EDA), and the New Jersey Commission on Science and Technology, the PowerBuoy has established over three years of successful ocean testing and is the basis for successive generations of PowerBuoys, including those in Hawaii, Spain,  Scotland and Oregon.


“Governor Jon Corzine’s comprehensive Energy Master Plan calls for 30-percent of New Jersey’s energy to be generated from renewable sources by the year 2020,” said BPU President Jeanne Fox.


“Ocean Power’s PowerBuoy can help us achieve that goal while also building New Jersey’s green economy and putting our people back to work. It’s exactly the kind of business success that the Governor envisions for New Jersey.”


OPT was founded by Dr. George W. Taylor and the late Dr. Joseph R. Burns and began commercial operations in 1994. It is a public company operating out of a 23,000- square-foot facility in Pennington. Since inception, OPT has focused on its proprietary PowerBuoy® technology, capturing wave energy using large floating buoys anchored to the sea bed and converting the energy into electricity using innovative power take-off systems.  Commencing in 1997, OPT has conducted ocean trials off the coast of New Jersey to demonstrate the concept of using a floating buoy to capture wave energy and convert it into electricity. Ocean Power currently has 42 employees in New Jersey and plans to continue its growth as orders and R&D programs expand.  The Company is listed in the NASDAQ and trades under the symbol OPTT.


“Governor Corzine’s commitment to investing in clean energy has ensured New Jersey is able to attract and develop companies like Ocean Power Technologies,” said EDA Chief Executive Officer Caren S. Franzini.  “Ocean Power’s innovative technology and talented staff will only help to drive the company’s growth and the creation of more green jobs in the state.”


Franzini noted that EDA, in conjunction with BPU and the New Jersey Department of Environment Protection, recently launched Clean Energy Solutions, a suite of financing and incentive programs to further support Governor Corzine’s commitment to promote green job creation and a more secure and environmentally responsible energy future.  The first product, unveiled in July, is the Clean Energy Solutions Capital Investment (CESCI) Loan/Grant program, designed to support commercial, institutional or industrial entities advancing energy-efficient end-use projects, combined heat and power (CHP or cogen) production facilities, or construction of state-of-the-art, efficient electric generation facilities. Other Clean Energy Solutions programs include the CHP grant program and the Clean Energy Manufacturing Fund (CEMF). Additional Clean Energy Solutions resources will be introduced over the next several months.


For more information on New Jersey’s energy master plan, visit www.nj.gov/emp/. Businesses interested in learning more about all Clean Energy Solutions opportunities should visit www.njeda.com for additional information and application forms.


About Ocean Power Technologies
Ocean Power Technologies has a strong track record in harnessing 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 has offices in Pennington and Warwick, UK. More information can be found at
www.oceanpowertechnologies.com.


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