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Posts Tagged ‘Ocean Power Technologies Inc.’

TOM HESTER SR., New Jersey Newsroom, August 25, 2009

wave-ocean-blue-sea-water-white-foam-photoState and local officials joined with Ocean Power Technologies (OPT) Tuesday to recognize the success of one of the Pennington-based company’s PowerBuoys off the coast of Atlantic City.

OPT is a pioneer in wave energy technology that harnesses ocean wave resources to generate clean 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, the company’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 grow our operations right here in New Jersey.”

The federal and state support, including assistance from the Navy, the U.S. Department of Energy, the U.S. Department of Homeland Security, the state Board of Public Utilities (BPU), the state Economic Development Authority (EDA), and the state Commission on Science and Technology.

The PowerBuoy has successfully operated for three years off the coasts of 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 1994. It is a public company and operates out of a 23,000- square-foot facility. Since its inception, the company 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 converting wave energy and convert it into electricity. Ocean Power currently has 42 employees in New Jersey and plans to continue its growth.

“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 state Department of Environment Protection, recently launched Clean Energy Solutions, a suite of financing and incentive programs to further support the state’s effort to promote green job creation and a more environmentally responsible energy future.

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EMMA WOOLLACOTT, TG Daily, July 15, 2009

rda-wave-hub-graphicThe world’s largest wave farm is to be built off the coast of south-west England under plans announced today. Pledging an investment of £9.5 million ($15.6 million), Business Secretary Lord Mandelson dubbed the region the first “Low Carbon Economic Area”.

The Wave Hub project – a giant, grid-connected socket on the seabed off the coast of Cornwall for wave energy devices to be tested on a huge scale – will be commissioned next summer.

Renewable energy company Ocean Power Technologies will take the first “berth” at Wave Hub, and has placed its first equipment order – for 16.5 miles of subsea cable – this week.

The project is being led by the South West Regional Development Agency (RDA), and also includes plans to evaluate schemes for generating tidal power from the river Severn estuary. “Bristol already boats world-leading expertise, especially around tidal stream technology,” said Stephen Peacock, Enterprise and Innovation Executive Director at the South West RDA.

This is a rather more controversial project, however, as locals and environmentalist groups fear its effect on wildlife habitats. The South West RDA is pledging to look at three embryonic Severn proposals that have “potentially less impact on the estuary environment than conventional technologies”.

What with government, RDA, European and private sector funding, total investment in the South West’s marine energy programme in the next two years is expected to top £100 million.

Regional Minister for the South West, Jim Knight, said: “We are a region that is rich in natural renewable energy resources such as wind, wave, tidal and solar and this makes us well positioned to capitalise on this great opportunity.”

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EnergyCurrent, June 11, 2009

13298_DIA_0_opt picOcean Power Technologies Inc. (OPT) has reached two major manufacturing milestones in the development of the company’s PB150 PowerBuoy, a wave energy converter that is to be ready for deployment at the European Marine Energy Centre (EMEC) in Scotland by the end of 2009.

The mechanical elements of the power take-off system of the PB150 have been completed. OPT has also awarded Isleburn Ltd. the steel fabrication contract for the PowerBuoy structure. Isleburn is an Inverness, Scotland-based fabrication and engineering company for offshore structures.

Once the steel fabrication is complete, the 150-kW PowerBuoy will be fully assembled and ready for deployment by the end of 2009 at EMEC, where OPT has already secured a 2-MW berth.

When the PowerBuoy has been fully demonstrated at EMEC, OPT intends to deploy further PB150 PowerBuoys in projects around the world at locations including Reedsport, Oregon; Victoria, Australia and Cornwall, U.K.

OPT CEO Mark R. Draper said, “These two milestones demonstrate significant progress towards the deployment of OPT’s first PB150. This achievement represents a pivotal stage in the company’s development and that we are on track to achieve our objective of utilizing wave power as an economically-viable source of renewable energy.”

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Excerpts from FRANK HARTZELL’s article in the Mendocino Beacon, June 4, 2009

13298_DIA_0_opt picOcean Power Technologies’ subsidiary California Wave Energy Partners in it’s “wave energy project proposed off Cape Mendocino has surrendered its Federal Energy Regulatory Commission (FERC) preliminary permit, making two major companies that have abandoned the area in the past two weeks.

The moves come at a time when President Obama’s energy policy has cut funding for wave energy in favor of solar and wind energy development.

The withdrawals leave GreenWave Energy Solutions LLC, with a permit off Mendocino, as the only local wave energy project.

Pacific Gas and Electric Company announced earlier this month they would not seek to develop wave energy off Fort Bragg. However, PG&E has not yet legally abandoned its FERC preliminary permit.

California Wave Energy Partners did just that on May 26, telling FERC their parent company, Ocean Power Technologies (OPT) was pulling out of California in favor of developing wave energy more seriously in Oregon.

The project was proposed near Centerville off Humboldt County, south of Eureka on the remote coast of Cape Mendocino.

“OPT subsidiaries are also developing two other projects at Coos Bay and Reedsport,” wrote Herbert Nock of OPT. “During the process of developing these projects, OPT has learned the importance of community involvement in the project definition and permitting process.

“OPT therefore feels it is in the best interests of all parties to focus its efforts (in Oregon) at this time. This will allow the time and resources necessary to responsibly develop these sites for the benefit of the coastal community and the state,” Nock wrote.

The Cape Mendocino project was to be situated in a prime wave energy spot, but with connections to the power grid still to be determined. The project was never the subject of a public meeting in Mendocino County and stayed under the radar compared to several other Humboldt County projects. PG&E still plans to develop its WaveConnect project off Eureka.

Brandi Ehlers, a PG&E spokeswoman, said PG&E plans to relinquish the preliminary permit for the Mendocino Wave Connect project soon.

She said the utility spent $75,000 on the Mendocino County portion of Wave Connect before stopping because Noyo Harbor was ill-equipped to deal with an offshore energy plant.

“PG&E is not currently pursuing applications for new FERC hydrokinetic preliminary permits, but it is important that we continue to explore other possibilities,” Ehlers said in response to a question.

Secretary of the Interior Ken Salazar has announced that his department will host 12 public workshops this month to discuss the newly-issued regulatory program for renewable energy development on the U.S. Outer Continental Shelf.

All the meetings are to be held in large cities — in Seattle June 24, Portland on June 25, and San Francisco on June 26.

Salazar restarted the process of building a framework for energy development in the ocean, which had been started in the Bush Administration but never finished.

The new program establishes a process for granting leases, easements, and rights-of-way for offshore renewable energy projects as well as methods for sharing revenues generated from OCS renewable energy projects with adjacent coastal States. The rules for alternative energy development in the oceans become effective June 29.

Most of the actual ocean energy development figures are for the Atlantic and Gulf of Mexico. The Pacific Ocean’s near-shore slopes are too steep and too deep for current wind energy technology. Wave and tidal energy are still in their infancy, not seen as able to help with President Obama’s energy plan.

The Obama administration has proposed a 25% cut in the research and development budget for wave and tidal power, according to an in-depth report in the Tacoma, Wash., News Tribune.

At the same time the White House sought an 82% increase in solar power research funding, a 36% increase in wind power funding and a 14% increase in geothermal funding. But it looked to cut wave and tidal research funding from $40 million to $30 million, the News Tribune reported.

Interior’s Minerals Management Service, the agency charged with regulating renewable energy development on the Outer Continental Shelf [and specifically wind energy projects], is organizing and conducting the workshops, which will begin with a detailed presentation and then open the floor to a question and answer session. All workshops are open to the public and anyone interested in offshore renewable energy production is encouraged to participate.”

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MARSHA W. JOHNSTON, RenewableEnergyWorld.com, March 2009

One hundred and forty-one years ago, the relentless sea off Scotland’s coast inspired the following observation from native son and author George MacDonald:

I climbed the heights above the village, and looked abroad over the Atlantic. What a waste of aimless tossing to and fro! Gray mist above, full of falling rain; gray, wrathful waters underneath, foaming and bursting as billow broke upon billow…they burst on the rocks at the end of it, and rushed in shattered spouts and clouds of spray far into the air over their heads. “Will the time ever come,” I thought, when man shall be able to store up even this force for his own ends? Who can tell.”

In the United States, permitting may be an even bigger hurdle to marine energy deployment than financing. Between 25 and 35 different U.S. federal, state and local regulatory agencies claim some jurisdiction over marine power deployment. In the UK, two agencies handle permitting.

Today, we can certainly say, “Yes, the time will come.” The only question remaining is how long it will be before humankind routinely and widely uses electricity generated from the kinetic power of ocean tides, currents and waves.

If one defines “commercial ocean energy” as several tens of megawatts, the world cannot yet boast a commercial ocean energy installation. Indeed, only two installations of either wave, tidal or in-stream current devices are grid-connected and can generate over 1 megawatt (MW) of power. One is Pelamis Wave Power’s 2.25-MW Aguçadoura project off of Portugal’s northern coast and the other is Bristol-based Marine Current Turbines’ (MCT) SeaGen, a US $20-million commercial-scale tidal-energy project under development in Northern Ireland’s turbulent Strangford Narrows. In December, SeaGen boasted the first tidal turbine to hit a capacity of 1.2 MW.

(The biggest exception to commercial ocean energy production is the world’s longest running tidal power plant, the 240-MW La Rance, in France. But the plant’s barrage technology, which traps water behind a dam and releases it at low tide, has fallen out of favor due to its perceived higher environmental impact than underwater turbines. Nova Scotia has also been operating a 20-MW barrage Tidal Generating Station in the tidal-rich Bay of Fundy since 1984.)

The rest of the world’s wave, tidal and current installations, some of which have been in the water as far back as the 1990s, are experimental and prototype units ranging in size from 35 kilowatts (kW) to 400 kW. Because these units operate only intermittently and are not typically connected to any grid, it is not possible to determine their total power generation.

Many of these units are prototype demonstration units for the much bigger installations that are under development and that will begin to realize significant exploitation of the world’s ocean energy resource. For example, Ocean Power Technologies Inc. will use the 150-kW PowerBuoy it has been testing since the mid-90s as the “workhorse” for the 270-MW, four-site wave energy plant off California and Oregon coasts that it has partnered with Lockheed Martin to develop, says CEO George Taylor.

And Inverness, Scotland-based WaveGen expects to use 40 units of the 100-kw turbine it just installed off the Island of Islay for a 4-MW farm off of Scotland’s Isle of Lewis. Meanwhile, Pelamis says if its 750-kw “sea snake” devices, which were installed last year, make it through the winter, it will put 37 more of them in the water, generating 30 MW.

All of the wave, tidal, ocean and river current power around North America that can be practically extracted could together provide 10% of today’s electrical consumption in the U.S., says Roger Bedard, ocean energy leader at the Electric Power Research Institute (EPRI) in Palo Alto, CA. He adds that the total water resource could, it is sometimes said, possibly power the world twice over, but a lot of it is out of reach. “Hudson’s Bay, off the Arctic Circle, has HUGE tidal power, but it is thousands of miles from where anyone lives. We have HUGE wave resources off Aleutian Islands, but the same problem,” he says.  See EPRI’s U.S. Offshore Wave Energy Resource Map, below.

What will be the “magic” year for large-scale ocean energy deployment? Most developers indicate 2011-2012. Trey Taylor, co-founder and president of Verdant Power, which is moving into the commercial development phase of its 7-year-old Roosevelt Island Tidal Energy project, says the firm aims to have “at least 35 MW” in the water by the end of 2011.

Bedard is more circumspect. “I think it will be 2015 in Europe and 2025 in U.S. for big deployment,” he says, adding that the year cited depends entirely on the definition of “big” and “commercial,” which he defines as “many tens of megawatts.”

Verdant’s Taylor expects greater initial success in Canada. “The fundamental difference between Canada and the U.S. is that the underpinning of processes in Canada is collaborative and in the U.S. it is adversarial. It’s just the nature of Canadians, collaborating for community good, whereas in the U.S. people are afraid of being sued,” he said.

Bedard says the U.S. could catch up to Europe earlier, if the Obama Administration walks its big renewable energy infrastructure investment talk. “But if it’s business as usual, it could be later, depending on the economy,” he says.

Since the global economy began to melt down last September, many ocean energy companies have had to refocus their investment plans. With venture capital and institutional monies drying or dried up, firms are turning to public funds, strategic partners such as utilities and big engineering firms, and angel investors.

In November, MCT retained London-based Cavendish Corp Finance to seek new financing. Raymond Fagan, the Cavendish partner charged with MCT, said although tidal energy is not as advanced as wind or solar, he has seen a “strong level of interest so far from large engineering-type firms in MCT’s leading position.” Because MCT holds patents and is delivering power to the grid ahead of its competitors, Fagan thinks Cavendish can bring it together with such strategic partners.

In addition to the economic climate, he notes that the drop in oil and gas prices is further slowing renewable energy investment decisions. “Six to 12 months ago, people were leaping into renewable energy opportunities,” he says, adding that the UK government’s recent call for marine energy proposals for the enormous Pentland Firth zone north of Scotland will improve Cavendish’s chances of getting financing. Though it has yet to make a public announcement, MCT is widely viewed as a prime operator for the zone.

Monies are still available. Witness Pelamis Wave Power’s infusion of 5 million pounds sterling in November, which it says it will use for ongoing investment in core R&D and continuing development of its manufacturing processes and facilities.

In the U.S., permitting may be an even bigger hurdle to marine energy deployment than financing. Between 25 and 35 different U.S. federal, state and local regulatory agencies claim some jurisdiction over marine power deployment. In the UK, two agencies handle permitting. Bedard notes however, that streamlining the process in the U.S. may have begun with the recent opening of a new six-month process for licensing pilot marine energy plants.

Marine energy experts agree that there are more opportunities for wave power than for tidal, as there are simply fewer exploitable tidal sites. In technology terms, however, tidal turbines have benefited from a quarter century of wind turbine development, says Virginia Tech professor George Hagerman. Despite more widely available wave resource, wave energy developers face the challenge of needing many more devices than do tidal energy developers, and have a higher cabling cost to export the power.

As Christopher Barry, co-chair of the Ocean Renewable Energy panel at the Society of Naval Architects and Marine Engineers, explains: “The major challenge [to ocean energy] is not pure technology, but the side issues of power export and making the technology affordable and survivable.”

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MendoCoastCurrent, January 31, 2009

On January 26, 2009, Lockheed Martin and Ocean Power Technologies agreed to work together to develop a commercial-scale wave energy project off the coasts of Oregon or California.

OPT is providing their expertise in project and site development as they build the plant’s power take-off and control systems with their PowerBuoy for electricity generation.  Lockheed will build, integrate and deploy the plant as well as provide operating and maintenance services. Lockheed and OPT have already worked together on maritime projects for the U.S. government.

Spanish utility Iberdrola is using OPT’s PowerBuoy on the Spainish coast in Santoña for first phase deployment, hoping to become the first commercial-scale wave energy device in the world.  In the Spainish project, Lockheed and Ocean Power are working toward an increased cost-performance of a power-purchasing agreement from which this U.S. wave energy project may benefit.

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MendoCoastCurrent, December 15, 2008

opt2Ocean Power Technologies (OPT) recently reported quarterly financials and also recent developments:

– Deployed and tested a PowerBuoy off the coast of Spain under the wave power contract with Iberdrola

– Awarded $2.0 million from the US Department of Energy in support of OPT’s wave power project in Reedsport, Oregon

– Deployed and tested a PowerBuoy for the US Navy at a site off Marine Corps Base Hawaii, on the island of Oahu

– Ocean-tested 70 miles off the coast of New Jersey an autonomous PowerBuoy developed specifically for the US Navy’s ocean data gathering program

– Awarded $3.0 million contract from the US Navy for the second phase of their ocean data gathering program

– US Congress passes bill which provides for wave power to qualify for the US production tax credit

Dr. George Taylor, OPT’s CEO, said, “We have maintained the positive momentum with which we began the 2009 fiscal year, and have made significant progress under a number of contracts during the quarter, most notably with the US Navy and Iberdrola. In September, we deployed a PB40-rated PowerBuoy in Spain under our contract with Iberdrola, one of the world’s largest renewable energy companies. OPT also tested one of its autonomous PowerBuoy systems off the coast of New Jersey in October, under contract from the US Navy in connection with the Navy’s Deep Water Active Detection System (“DWADS”) initiative. We ended the second quarter with a PowerBuoy deployment for the US Navy in Hawaii. We have also furthered our relationship with this significant partner and announced a $3.0 million contract for participation in the second phase of the US Navy’s DWADS program.”

“We expect that the US Government’s recent expansion of the production tax credit to now include wave energy will help better position OPT competitively in the alternative energy arena. We are also gratified by signs that the Obama administration in the United States is keen on leveraging renewable energy sources as commercial sources of energy for the country. The $2.0 million award we received this quarter from the Department of Energy, in support of our work in Reedsport, Oregon, is reflective of the US Government’s support for wave energy,” Dr. Taylor concluded.

More about OPT

OPT has seen strong demand for wave energy systems as evidenced by record levels of contract order backlog, currently at $8.0 million. OPT continues to make steady progress on development of the 150 kW-rated PowerBuoy (PB150), which comprises a significant portion of our current backlog. The design of the PB150 structure is on track to be completed by the end of calendar year 2008, and is expected to be ready for complete system testing in 2009. OPT continues to work actively with an independent engineering group to attain certification of the 150 kW PowerBuoy structure design.

OPT’s patent portfolio continues to grow as one new US patent was issued during the second quarter of fiscal year 2009. The Company’s technology base now includes a total of 39 issued US patents.

During the second quarter of fiscal 2009, the Company announced that it expects to benefit from the energy production tax credit provision of the Energy Improvement and Extension Act of 2008. Production tax credit provisions which were already in place served only to benefit other renewable energy sources such as wind and solar. The Act will, for the first time, enable owners of wave power projects in the US to receive federal production tax credits, thereby improving the comparative economics of wave power as a renewable energy source.

OPT is involved in wave energy projects worldwide:

REEDSPORT, OREGON, US – OPT received a $2.0 million award from the US Department of Energy (DoE), in support of OPT’s wave power project in Reedsport, Oregon. The DoE grant will be used to help fund the fabrication, assembly and factory testing of the first PowerBuoy to be installed at the Reedsport site. This system will be a 150 kW-rated PB150 PowerBuoy, major portions of which will be fabricated and integrated in Oregon. OPT is working closely with interested stakeholder groups at local, county and state agency levels while also making steady progress on the overall permitting and licensing process.

SPAIN – OPT deployed and tested its first commercial PowerBuoy under contract with Iberdrola S.A., one of the world’s largest renewable energy companies, and its partners, at a site approximately three miles off the coast of Santona, Spain. The enhanced PB40 PowerBuoy, which incorporates OPT’s patented wave power technology, is the first step of what is expected to be a utility-grade OPT wave power station to be built-out in a later phase of the project.

ORKNEY ISLANDS, UK – OPT is working under a contract with the Scottish Government at the European Marine Energy Centre (“EMEC”) in the Orkney Islands, Scotland to deploy a 150 kW PowerBuoy. OPT is currently working on building the power conversion and power take-off sub-assemblies. The Company is also reviewing prospective suppliers for manufacturing of the PowerBuoy, which is on track to be ready for deployment by the end of calendar year 2009. As part of its agreement with EMEC, OPT has the right to sell power to the grid up to the 2MW berth capacity limit, at favorable marine energy prices.

CORNWALL, UK –The “Wave Hub” project developer, South West of England Regional Development Agency (“SWRDA”), recently appointed an engineering contractor to manage the construction of the “Wave Hub” marine energy test site. SWRDA has forecasted that the Wave Hub connections, cabling and grid connection infrastructure will be completed by the end of the 2010 calendar year. OPT continues to work with SWRDA and is monitoring its progress in developing the project site.

HAWAII, US – OPT deployed its PowerBuoy systems near Kaneohe Bay on the island of Oahu. The PowerBuoy was launched under OPT’s on-going program with the US Navy at a site off Marine Corps Base Hawaii and will be connected to the Oahu power grid.

US NAVY DEEP OCEAN APPLICATION – OPT tested one of its autonomous PowerBuoy systems 70 miles off the coast of New Jersey. The PowerBuoy was constructed under contract from the US Navy in connection with the Navy’s DWADS initiative, a unique program for deep ocean data gathering. The Company received a $3.0 million contract award for the second phase of the program, which is for the ocean testing of an advanced version of the autonomous PowerBuoy.

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