Ocean Power Tech to build wave station in Australia

Pennington, N.J.-based Ocean Power Technologies (Nasdaq: OPTT) said today it signed a joint development agreement to build a wave power station off the coast of Western Australia.

The company made the deal with Perth, Western Australia's Griffin Energy, the energy supply unit of the Griffin Group.

Ocean Power said the new wave power station would be capable of producing up to 10 megawatts, with a potential expansion to 100 MW.

"We believe that by bringing our extensive in-ocean experience and innovative technology together with Griffin Energy's proven track record in delivering Western Australian power projects, we have a significant opportunity to build our international portfolio of successful wave power stations," said George Taylor, CEO of Ocean Power.

The company said the power generated by the project, planned for the coast off the northern suburbs of Perth, would be fed into the Western Australia's main power grid.

Wayne Trumble, executive general manager of Griffin Energy, said, "The Western Australian government has already announced it intends to implement a renewable energy target of 15 percent by 2020."

"Our proposed joint venture wave power project will put us at the forefront of a new horizon in renewable energy development, and we look forward to working with government and OPT to realize our vision."

Ocean Power said the wave energy density and availability off the Western Australian coast means that an area as small as 100 hectares could produce 100 MW of power.

Under the terms of the joint agreement, Ocean Power will provide the turn-key power station, and operations and maintenance service.

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