Ocean Power Corporation Sigma Update.

Business Editors/Energy & Environmental Writers

EL DORADO HILLS, Calif.--(BUSINESS WIRE)--April 27, 2001

Ocean Power Corporation (OTC SYMBOL: PWRE) is pleased to report the following news from Sigma Elektroteknisk AS, Norway. Sigma Elektroteknisk is a fully owned subsidiary of Ocean Power Corporation:

Sigma and Baxi co-operate on CHP Friday 27. April 2001

Baxi UK Limited and Sigma Elektroteknisk AS (a wholly owned subsidiary of Ocean Power Corporation U.S.A.) have entered into a collaboration agreement to bring to market a combined heat and power product for the UK domestic market.

Baxi is one of Europe's largest manufacturers of domestic heating systems. Norwegian-based Sigma is one of the pioneers of domestic combined heat and power.

Domestic Combined Heat and Power (micro-CHP) is the next logical progression of cogeneration, offering domestic customers the opportunity to reduce energy bills and contribute towards major energy savings.

The collaboration will produce a packaged combined heat and power system suitable for domestic use across Europe. Baxi will engineer this system based on Sigma's energy converter as the key component. The systems will provide domestic central heating and will also produce up to 3 kw of electricity directly into each home.

Cogeneration is also one of the main ways to decentralise power production to bring it close to the point of use. By doing this, losses due to transportation as well as negative impact on the environment are also being reduced, whereas energy efficiency is increased. One of the most important reasons why energy is saved (when compared to electricity produced in power plants) is the combined production of both heat and power.

"This agreement is a significant step forward in bringing this exciting technology to the domestic marketplace," said Chris Droogan of Baxi.

"The environmental and economic advantages of domestic CHP are being increasingly recognised," said Simon Kolin of Sigma," Working with Baxi will let us realise these advantages more quickly."

For more information contact:

for Baxi: Ian Mills of James, Mills & Associates Ltd., phone [phone], Email: [e-mail]

for Sigma: Simon Kolin of Sigma Elektroteknisk AS, phone [phone], Email: [e-mail] Sigma Elektroteknisk AS website: www.sigma-el.com

The above statements in regard to Ocean Power which are not purely historical are forward-looking statements including Ocean Power's beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and are based on information available to Ocean Power as of such date. It is important to note that actual outcome and the actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as technological, legislative and marketplace changes.