Contract for First Powerbuoy at Reedsport, Oregon.PENNINGTON, N.J. -- Ocean Power Technologies, Inc ("OPT", or the "Company") (Nasdaq: OPTT and London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. : AIM-OPT) and PNGC PNGC Plano Nacional de Gerenciamento Costeiro PNGC Pacific Northwest Generating Cooperative PNGC Portsmouth Naval Gliding Club (United Kingdom) Power are pleased to announce that they have signed an agreement under which PNGC Power will provide funding of $0.5 million to OPT toward the fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. and ocean installation of the first PowerBuoy[R] system at the Reedsport OPT Wave Park located in Douglas County Douglas County is the name of twelve counties in the United States:
This effort is the first phase of OPT's project to install its ocean-tested PowerBuoy systems initially generating a total of 2 MW approximately 2.5 miles off the coast near Reedsport. OPT has been issued a preliminary permit by the Federal Energy Regulatory Commission The Federal Energy Regulatory Commission (FERC) is the United States federal agency with jurisdiction over electricity sales, wholesale electric rates, hydroelectric licensing, natural gas pricing, and oil pipeline rates. (FERC FERC Federal Energy Regulatory Commission FERC FEMA Emergency Response Capability ) for up to 50 MW of capacity at the site, and the Company plans to develop and operate the initial 2 MW grid-connected wave power park. PNGC Power is a Portland, Oregon-based electric power cooperative serving 15 distribution cooperatives with service territory in seven western states. In addition to this agreement for the first PowerBuoy, PNGC will be supporting OPT in the permitting process and with on-shore power transmission for the project. PNGC Power also intends to work cooperatively with OPT and to provide its expertise regarding grid interconnection and its experience in meeting the standards of the Bonneville Power Administration The Bonneville Power Administration (BPA) is a U.S. self-financed federal agency which transmits and sells wholesale electricity in Washington, Oregon, Idaho, and western Montana. The BPA is part of the U.S. Department of Energy, and is headquartered in Portland, Oregon. , which operates much of the region's power system. Dr. George W. Taylor For other persons of the same name, see George Taylor. George Washington Taylor (January 16, 1849 - December 21, 1932) was a U.S. Representative from Alabama. Born on "Roselawn" plantation near Montgomery, Alabama, Taylor attended private schools. , Chief Executive Officer of OPT, said: "PNGC Power makes an important contribution to the energy requirements of the Northwest, and we are very pleased to work with them in connection with the Reedsport OPT Wave Park. It is important that these initial phases of the project be done in close coordination with, and respect for, the various state and local organizations with interests in the wave park. PNGC has demonstrated that vision and practice, and we appreciate their cooperation and support." John Prescott
An agreement previously signed by OPT and PNGC provides a framework under which PNGC and OPT may continue to work together in connection with the phased scale-up to a 50MW wave power park. Specifically, PNGC Power will have the option to participate in ownership or power purchase in future commercial phases of the project. PNGC Power also plans to work with other utilities to increase participation in this first-of-a-kind project in Oregon. On February 15, 2007, OPT was issued a preliminary permit by FERC for the Reedsport project. The Company is fully engaged in consultations with key stakeholder groups and will continue to work closely with these groups over the various stages of the project. In September 2006 Oregon Governor Ted Kulongoski Theodore R. "Ted" Kulongoski (born November 5 1940, in rural Missouri[1]) is an American Democratic politician. Since 2003, he has served as the Governor of Oregon. He was re-elected in 2006. appointed an Oregon Solutions Team to help expedite the development and licensing of the Reedsport OPT Wave Power Park. About Ocean Power Technologies, Inc. Ocean Power Technologies, Inc. develops and is commercializing proprietary systems that generate electricity by harnessing the renewable energy Renewable energy utilizes natural resources such as sunlight, wind, tides and geothermal heat, which are naturally replenished. Renewable energy technologies range from solar power, wind power, and hydroelectricity to biomass and biofuels for transportation. of ocean waves. The Company's PowerBuoy[R] system is based on modular, ocean-going buoys, which have been ocean tested for nearly a decade. The waves move the buoy-like structure creating mechanical energy that the Company's proprietary technologies convert into electricity. About PNGC Power PNGC Power is a Portland-based electric power services cooperative owned by 15 Northwest electric distribution cooperative utilities with service territory in seven western states (Oregon, Washington, Idaho, Montana, Utah, Nevada and Wyoming). The company creates value for its member systems by providing sophisticated power management, technical innovation and cutting edge customer services and products. PNGC Power members include: Blachly-Lane Electric Cooperative, Central Electric Cooperative, Inc., Clearwater Power Company, Consumers Power Inc., Coos-Curry Electric Cooperative, Inc., Douglas Electric Cooperative, Fall River Rural Electric Cooperative, Lane Electric Cooperative, Inc., Lost River Electric Cooperative, Northern Lights, Inc., Raft River The Raft River is a river that flows from Utah to Idaho. It begins in the Raft River Mountains in northern Utah, and flows north to join the Snake River in Cassia County, Idaho. Rural Electric Cooperative, Inc., Okanogan County Electric Cooperative, Inc., Salmon River Electric Cooperative, Inc., Umatilla Electric Cooperative, West Oregon Electric Cooperative, Inc. More information about PNGC Power can be found at www.pngcpower.com. |
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