Rockhouse Mountain Energy wave power project


 

TIDMOPT 
 
 
Ocean Power Technologies Inc 
11 May 2010 
 
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11 May 2010 
 
  Rockhouse Mountain Energy plans 500MW wave energy project off Ireland's west 
                                      coast 
 
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) 
("OPT" or the "Company") notes that Rockhouse Mountain Energy yesterday 
published the following announcement, which refers to OPT and the use of OPT's 
technology: 
 
 
Rockhouse Mountain Energy, LLC ("RME"), a US company dedicated to the support, 
promotion and development of alternative energy sources, announced today at a 
reception of the Marine Energy and Smart Grid Technology Workshop sponsored by 
the US Embassy in Dublin, Ireland, that it is their intent to construct up to 
500MW of wave power generation off the western coast of Ireland by 2020. 
 
The wave power systems to be installed will be manufactured by Ocean Power 
Technologies Inc. ("OPT"), a NASDAQ- and AIM-listed company that specializes in 
the development and commercialization of wave energy based on its proprietary 
PowerBuoy  device. 
 
OPT's PowerBuoy system is based on modular, ocean-going buoys that capture and 
convert predictable wave energy into low-cost, clean electricity. Its technology 
and energy systems benefit from over a decade of in-ocean experience and are 
insured by Lloyds Underwriters of London. 
 
Mr. Robert Jawitz, Manager of RME, noted: "The excellent wave climate, the 
proactive support of the US Embassy, and the visionary policies and plans of the 
Irish Government, combined with OPT's planned timetable for the commercial roll 
out of its PB500 PowerBuoy (500kW), will allow for an OPT wave farm with a total 
capacity of 500MW to be installed off the Irish coast by 2020 to meet the wave 
component of Ireland's Energy Plan." 
 
Dr. George W. Taylor, Executive Chairman of OPT, added: "OPT is pleased to be a 
part of the significant initiatives being undertaken by the Republic of Ireland 
to harness its plentiful renewable ocean energy resources, which complements our 
projects in Cornwall and Scotland. Rockhouse Mountain Energy has devoted much 
effort in recent years to working with the Irish Government and other 
stakeholders to develop wave energy in Ireland." 
 
 
                                     -ENDS- 
 
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, clean and environmentally-beneficial electricity. OPT has a 
strong track record in the advancement of 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 is 
headquartered in Pennington, New Jersey with offices in Warwick, UK. More 
information can be found at www.oceanpowertechnologies.com. 
 
 
                                   ********** 
 
 
Contact information: 
+----------------------------------------+---------------------------------+ 
| Ocean Power Technologies, Inc.         |                                 | 
| Dr George W. Taylor, Executive         | Telephone: +1 609 730 0400      | 
| Chairman                               |                                 | 
| Charles F. Dunleavy, Chief Executive   |                                 | 
| Officer                                |                                 | 
|                                        |                                 | 
+----------------------------------------+---------------------------------+ 
| Nomura Code Securities Limited         |                                 | 
| Juliet Thompson, Richard Potts         | Telephone: +44 20 7776 1200     | 
+----------------------------------------+---------------------------------+ 
|                                        |                                 | 
| Media Contact:                         |                                 | 
| Corfin Communications                  |                                 | 
| Neil Thapar, Claire Norbury            | Telephone: +44 20 7977 0020     | 
|                                        |                                 | 
+----------------------------------------+---------------------------------+ 
 
                                   ********** 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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