Major Milestones

2007

In April 2007, completed Initial Public Offering in the US and listing on Nasdaq, raising net proceeds of US$90.0 million.

Filed applications for permits from the US Federal Energy Regulatory Commission for two 100MW power generation projects located at Coos Bay and Newport, Oregon.

Awarded world’s first wave power Operation and Maintenance contract for the first phase of the 1.39MW OPT wave power station to be constructed off the north coast of Spain.

Awarded a grant of $1.2 million (£641,000) through the Scottish Minister’s Wave and Tidal Energy Support Scheme managed by the Scottish Executive. The grant is for the construction, installation and in-ocean demonstration of OPT’s latest 150 kW PowerBuoy® design, the PB150.

Signed agreement with Pacific Northwest Generating Cooperative to work cooperatively on OPT’s development of the Reedsport, Oregon wave power station.

Awarded $1.7 million contract from US Navy to provide PowerBuoy® technology to a unique Navy program for ocean data gathering, the Deep Water Acoustic Detection System.

2006

Awarded initial contract from US Department of Homeland Security.

Selected to occupy a position at the South West Wave Hub project off the north coast of Cornwall, England, for installation of a 5MW OPT wave power station.

Filed application for permit from US Federal Energy Regulatory Commission (FERC) for 50MW wave power station located at Reedsport, Oregon.

Signed agreement with Iberdrola SA of Spain for the “turnkey” construction and installation of the subsea power transmission cable, underwater substation, grid connection and the first PowerBuoy® unit in connection with a 1.25MW OPT wave power station on the north coast of Spain.

Signed a marketing cooperation agreement with Lockheed Martin.

2005

Installed a 40 kW-rated PowerBuoy® (PB-40) off Tuckerton, New Jersey as part of the New Jersey Board of Public Utilities Renewable Energy and Economic Development (“REED”) program. System withstood wave and wind forces of Hurricane Wilma.

Signed agreement with Total S.A. of France to develop a wave power station on the west coast of France. Total is one of the largest oil and gas companies in the world with operations in more than 130 countries.

2004

Formed joint venture with Iberdrola S.A. of Spain to build a wave farm on the north coast of Spain. Iberdrola is Europe’s largest utility in renewable energy, with over $13 billion in annual revenues.

Installation of the first buoy under a contract from the US Navy for a wave farm off the Marine Corps Base Hawaii at Kaneohe Bay on the island of Oahu, including successful completion of a rigorous environmental impact assessment.

Formed Ocean Power Technologies Limited, a UK based wholly owned subsidiary focused on managing and developing OPT wave energy projects in Europe. Mark Draper, former Managing Director of Powergen’s Generation Business, was appointed Chief Executive.

Completed ocean testing of a 1 kW Autonomous PowerBuoy® (APB) for Lockheed Martin Corporation as part of an underwater sensor system.

1997-2003

Initial Public Offering and listing on London Stock Exchange’s AIM Market, October 2003.
Completed ocean testing of numerous PowerBuoy® systems off Atlantic City, NJ as part of programs funded by OPT and the United States Navy.


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