Executive Summary
Ocean Power Technologies, Inc is the world's first publicly listed wave power company. It is commercialising its proprietary technology for the generation of electrical power using the energy of ocean waves. OPT's wave energy systems are based on modular, buoy-like structures, called PowerBuoys(TM), which are \intelligent\ systems capable of responding to differing wave conditions. The Company's ocean-tested systems have the potential to provide cost competitive, clean electrical power on a large scale. OPT has recently deployed two of its PowerBuoys at customer sites off Hawaii and New Jersey, USA. The Hawaii system is in connection with OPT's on-going contract from the US Navy, and the New Jersey system is under a contract from the New Jersey Board of Public Utilities and has since deployment successfully withstood wave and wind forces generated by Hurricane Wilma. In 2004 Iberdrola signed a Development Agreement with OPT for the development, construction and operation of a wave power station off the coast of the Cantabria region in northern Spain. This project is on-going and Total have also become a joint venture partner. The initial purpose of the joint venture is to build and operate a 1.25 MW wave power station. Following the successful completion of the initial OPT wave power it is expected that over the next several years hundreds of megawatts of OPT wave power stations will be installed. In 2005 OPT signed an agreement with Total Energie Developpement S.A.S and Iberdrola S.A. for the development of a wave power station in France. When a suitable site is identified with good local acceptance, all authorizations obtained, and the off-take of electricity in place, a wave power station with a capacity of up to 2-5 MW is expected to be installed in the second phase of the project.
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