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Major Milestones
2010
July - September OPT completes the first-ever grid connection of a wave energy device in the United States at the Marine Corps Base Hawaii ("MCBH"), in conjunction with the US Navy. This connection demonstrates the ability of OPT's PowerBuoy(R) systems to produce utility-grade, renewable energy that can be transmitted to the grid in a manner fully compliant with national and international standards. The PB40 PowerBuoy is part of OPT's ongoing program with the US Navy to develop and test the Company's PowerBuoy wave energy technology. Key program goals include demonstrating system reliability and survivability, and the successful interconnection with the grid serving MCBH. To date, the PowerBuoy has operated and produced power from over 3 million power take-off cycles and 4,400 hours of operation since its December 14, 2009 deployment. The PowerBuoy grid interface was certified in 2007 by an independent laboratory and as compliant with national and international standards, including the safety standards UL1741 and IEEE1547, and also bears the ETL Listed mark.
OPT wins two new funding awards totaling $4.8 million from the US Department of Energy ("DoE") under a competitive process. OPT plans to use the first award, for $2.4 million, in connection with the construction and deployment of one of its PB150 PowerBuoys(R) at Reedsport, Oregon, as part of the first proposed commercial wave power project in the US. This is the second award to OPT by the DoE in connection with the Reedsport project. The second award is also for $2.4 million and it is intended to be used for the design and development of OPT's next generation 500kW PowerBuoy wave power system, the PB500. The technology development will focus on increasing the PB500's power extraction efficiency, implementing a "Design-for-Manufacture" approach and reducing maintenance costs, all of which aim to achieve lower installed capital and energy costs and make wave power more competitive with fossil fuels. This is the second award from DoE for the PB500 taking the total DoE funding to $3.9 million. Charles F. Dunleavy, Chief Executive Officer of the Company, said: "These awards are another significant step in a global drive to make wave power a commercial reality. … The funds will help OPT to accelerate the commercialization of our PB150 wave power stations in the US and facilitate the development of our 500 kilowatt-rated PowerBuoy technology.”
OPT signs a groundbreaking Settlement Agreement ("SA") with 11 federal and state agencies and three non-governmental stakeholders for its utility-scale wave power project at Reedsport, Oregon. This agreement represents a major step towards the grant of the first license ever issued by the Federal Energy Regulatory Commission ("FERC") for a commercial-scale wave power project in the US. The 1.5 MegaWatt, 10-buoy wave farm is expected to be connected to the grid after receipt of the FERC license and additional funding, supplying clean energy to approximately 1,000 homes. Oregon Governor, Ted Kulongoski, said: "The Settlement Agreement is a groundbreaking document that demonstrates the State's commitment to partnering with the private sector and coastal communities to explore how we can tap into the renewable resource of ocean waves to power our communities. The manufacture of the first buoy has already created dozens of green-energy jobs in Oregon and when the 10-buoy wave power project is built, a whole new industry will be created to benefit our coastal communities. This is an exciting time for our State and I look forward to continuing to foster this new industry in Oregon in a way that is sensitive to marine habitat and continues to value this important resource for Oregon's fishermen."
Ocean Power Technologies, Ltd, a subsidiary of OPT based in Warwick, England, has been awarded a £1.5 million (approximately $2.3 million) grant from the South West of England Regional Development Agency ("SWRDA") for the development of its next generation 500kW PowerBuoy(R) wave power system. OPT will lead a project to accelerate the development of the technology for a larger version of its utility-scale PowerBuoy for expected deployment at the Wave Hub with the new award. Among the objectives of the project are prototype design enhancements for the PB500, with an expected output to power approximately 300 homes. Angus Norman, Chief Executive of Ocean Power Technologies, Ltd., said: "This award is a mark of the commitment and strong relationships among OPT, its partners and SWRDA to establish the South West of England as one of the world's leading centers for marine energy with the Wave Hub as its focal point.” This is the second award to OPT in connection with its PB500.
April - June
OPT appoints Brian M. Posner as Chief Financial Officer (CFO). His financial career spans more than 25 years in public and private companies, with a notable track record in working with capital markets, regulatory and accounting matters and strategic alliances. Previously, he held the position of CFO of Power Medical Interventions, Inc., a NASDAQ-listed manufacturer of medical devices with operations in the U.S., France, Germany, and Japan. From 1999 to 2008, Mr. Posner held various financial positions at Pharmacopeia, Inc., a publicly-traded clinical development biopharmaceutical company, most recently as Executive Vice President and CFO. Mr. Posnerís efforts included the raising of $70 million in new capital, reduction in the company's annual cash burn, successful oversight of regulatory matters and financial controls, and stakeholder evaluation of the company's clinical development. Mr. Posner is a Certified Public Accountant and holds a MBA degree from Pace University and a Bachelors degree in Accounting from Queens College in New York City.
OPT announces the appointment of Michael G. Kelly as Vice President of Operations. He joins OPT with thirty years of experience in the marine industry, spanning design, manufacturing, deployment and field service of large, complex ocean-based systems. Previously, Mr. Kelly held the position of Assistant Director, Regional Cabled Observatory, at the University of Washington's School of Oceanography. This role included commercial lead and technical team member in the acquisition and implementation of a $150 million undersea cabled ocean observatory. This followed a career of almost 20 years at VSNL, including at the companyís predecessors International Tyco Telecommunications and AT&T Submarine Systems, in all aspects of undersea communications cable systems. He served as Captain of the Global Mariner and was the technical lead for the acquisition and implementation of a $250 million six nation, global undersea cable communications network. In 1986, he was appointed Captain of the cable ship USNS Zeus. He is a U.S. Coast Guard licensed Master Mariner. Mr. Kelly holds a MBA degree from Rutgers University and a B.S. degree in Marine Transportation from the Massachusetts Maritime Academy.
Rockhouse Mountain Energy, LLC ("RME"), a US company dedicated to the support, promotion and development of alternative energy sources, announces their intent to construct up to 500MW of wave power generation off the western coast of Ireland by 2020. The wave power systems to be installed will be manufactured by OPT. Mr. Robert Jawitz, Manager of RME, noted: "The excellent wave climate, the proactive support of the US Embassy, and the visionary policies and plans of the Irish Government, combined with OPT's planned timetable for the commercial roll out of its PB500 PowerBuoy (500kW), will allow for an OPT wave farm with a total capacity of 500MW to be installed off the Irish coast by 2020 to meet the wave component of Ireland's Energy Plan."
OPT announces that it has won a $1.5 million award from the US Department of Energy ("DoE") for the development of OPT's next generation PowerBuoyÆ wave power system. The DoE grant will be used to help fund the scale-up of the power output per PowerBuoy from the current level of 150kW to 500kW. In addition, the technology development effort will focus on increasing the power extraction efficiency and a "Design-for-Manufacture" approach, which aims to achieve lower installed capital and energy costs that are expected to be competitive with energy based on fossil fuels. This is the second award to OPT by the DoE. In 2008, OPT received $2.0 million to provide funding for the construction of a PB150 PowerBuoy to be deployed in connection with the Company's project at Reedsport, Oregon.
January - March
OPT announces the award of EUR 2.2 million under the European Commission's Seventh Framework Programme (FP7), by the EC Directorate responsible for new and renewable sources of energy, energy efficiency and innovation. The grant to OPT is part of a total award of EUR 4.5 million to a consortium of companies, including OPT, to deliver a PowerBuoy® wave energy device under a project entitled WavePort, with an innovative wave prediction capability and a "wave-by-wave" tuning system. It is anticipated that the PowerBuoy will be deployed at the SantoÒa site in Spain, where OPT has worked on a wave energy project under contract from Iberdrola. OPT will be responsible for the design, supply and deployment of the PowerBuoy and Underwater Substation Pod. Consortium members include the Wave Energy Centre (Portugal), Fugro Oceanor (Norway), DeGima (Spain), the University of Exeter (UK), and ISRI (UK).
OPT announces the successful deployment of one of its PowerBuoys® at the Marine Corps Base in Hawaii. The Company has also been awarded $380,000 in additional funding for the PowerBuoy's commissioning and in-ocean operation. Building, deployment and operation of this PowerBuoy is part of a program with the US Navy to develop and test OPT's wave power technology. Many of its naval bases around the world are suitable for OPT's wave power stations. The newly awarded funding will enable continued testing and monitoring of the PowerBuoy's operation, providing data for the on-going engineering of the next generation of OPT's PowerBuoys.
OPT announces Charles Dunleavy is elected as the Company's Chief Executive Officer. Mr. Dunleavy, 60, joined OPT in 1994 and has served as the Company's Senior Vice President and Chief Financial Officer since 2001, and as the Company's Treasurer and Secretary and a member of the Board of Directors since 1990. From 1993 to 2001, he served as Vice President, Finance. While at OPT, Mr. Dunleavy has been key to the Company's progress in expanding operations in Europe, North America, Australia and Japan, and the Company's raising of over $140 million in equity capital in the US and Europe.
2009
OPT announces the signing of a Memorandum of Understanding ("MOU") with the State of Oregon. The purpose of the MOU is to set forth an approach for developing wave power projects within the coastal waters of Oregon. The MOU outlines important principles for the potential development of future wave power facilities in Oregon. These principles will be first applied to the development of OPT's Coos Bay Project in Oregon, a proposed 100 MW project. The State will work as a partner with OPT to encourage the development of renewable energy by identifying the best locations for future wave power facilities. Oregon Governor Ted Kulongoski stated: "I believe that the Agreement between Oregon and OPT provides a foundation for moving forward in a manner that is respectful of existing ocean uses and values, while helping Oregon transition to an independent renewable energy future. In particular, I welcome OPT as the first commercial developer of wave power stations in Oregon. OPT is investing substantial resources in Oregon and providing expertise to help Oregon achieve its desired goal of becoming a world leader in responsible commercial development of wave energy. The major portion of its wave power stations will be manufactured in Oregon, creating important "green" jobs in this exciting new industry." OPT is building its first US commercial scale wave power station off the coast of Reedsport, Oregon. The expected 1.5 MW project will be developed in two phases. Governor Kulongoski demonstrated his commitment to building community and stakeholder understanding and support for the Reedsport wave energy facility by designating it as an "Oregon Solutions" project.
OPT announces that it has selected Oregon Iron Works (“OIW”) to begin construction of its first commercial wave energy PowerBuoy® system in North America, to be installed off the Oregon coast near Reedsport. OIW is an Oregon company with an emerging reputation as an international leader in “green tech” manufacturing. The partnership is the direct result of Oregon Governor Ted Kulongoski’s leadership in bringing green jobs and renewable energy to the Oregon economy and his commitment to the responsible development of wave energy as a commercially viable renewable energy source. Construction of this first PowerBuoy system represents Phase One of an expected 10-PowerBuoy Reedsport wave power station, the first commercial-scale facility of its type in North America, which will generate approximately 1.5 megawatts of power. The nine additional PowerBuoys will be constructed and installed under Phase Two of the project. “The partnership that we are developing with OPT and other Oregon companies fits perfectly with our goal of providing jobs for Oregon’s green economy,” said Governor Kulongoski. “It’s exciting to see that Oregon has the chance to play a leading role in the development of this global industry and help achieve our national goals of energy security and reduction of our dependence on fossil fuels.”
OPT announces that, in partnership with Leighton Contractors Pty Ltd (“Leighton”), it has received a A$66.46 million grant from the Federal Government of Australia to build a 19 MW wave power project off the coast of Victoria, Australia. The award is one of four renewable energy projects approved by the Federal Government after considering over 30 applications, and is the sole wave energy venture. The Government funding will be used to advance the construction of a wave power station to be built in three phases off the coast of Victoria near the city of Portland, with a total expected capacity of 19 MW. It is expected that work will begin on the project by the second quarter of calendar year 2010. The award was announced by the Australian Resources & Energy Minister, Martin Ferguson, under the Renewable Energy Demonstration Program (REDP), which has awarded funding totaling A$235 million, aimed at meeting the Government’s target of generating 20% of the country’s energy needs from renewable sources by 2020. The grant is conditioned on the signing of a Funding Deed and obtaining additional funding for the project.
OPT announces the successful completion of trials of its Underwater Substation Pod ("USP") product in Spain. The USP, based on the Company's proprietary design, has been developed to facilitate the collection, networking and transforming of power and data generated by up to ten of its PowerBuoys for transmission to a shore-based electricity grid by one subsea power cable. It has been built as an open platform, and can therefore provide "plug and play" connectivity for any offshore energy device linked to it. The completion of this significant milestone by OPT is part of an Engineering, Procurement and Construction contract with Iberdrola Marinas de Cantabria, with Iberdrola S.A., Sodercan, IDAE, and Total as shareholders. OPT believes that the USP is a unique product in the offshore market and creates a potentially new revenue stream for the Company from sales to third parties engaged in marine power development and other offshore activities.
OPT and Lockheed Martin sign a commercial engineering services agreement to develop OPT’s wave energy systems for use in future utility-scale power generation projects. Under the agreement, Lockheed Martin will provide its expertise in systems integration, lean manufacturing, and test and optimization analysis to enhance OPT's innovative PowerBuoy® wave power generation technology to utility-scale. This critical step will allow the two companies to pursue future utility-scale power generation projects in North America. A future 10 Megawatt utility power station comprised of floating PowerBuoy systems would occupy approximately 30 acres (0.125 square kilometers) of ocean space and power approximately 4,000 homes.
OPT announces it has signed an exclusive agreement with a consortium of three leading Japanese companies to develop a demonstration wave power station in Japan. The Japanese consortium comprises Idemitsu Kosan Co., Mitsui Engineering & Shipbuilding Co., and Japan Wind Development Co. (the “Consortium”). Further, OPT has been invited to become a member of the Tokyo Wave Power Initiative, a committee including the city of Tokyo, regional governments and national agencies involved in the promotion of new energy sources. This agreement is the Company’s first project in Japan. The initial phase of the project will be for OPT and the Consortium to work with the Japanese government to increase the recognition of wave power in Japanese energy policy, and to identify favorable sites for OPT wave power stations and assess their commercial prospects. The parties plan to enter into an agreement to build a demonstration plant with up to three of the Company’s PowerBuoys®. The trial plant would provide the basis for the expected building of a commercial-scale OPT wave power station with an initial capacity of 10MW or more. Under the anticipated agreement to build the demonstration plant, OPT will sell the equipment for the power station to the Consortium.
OPT announces that it has achieved a significant milestone for its autonomous PowerBuoy® product with the award of a new $2.4 million contract from the US Navy to provide OPT’s PowerBuoy wave energy conversion system to the Navy’s Littoral Expeditionary Autonomous PowerBuoy (“LEAP”) program. This one year contract, is the initial award under a proposed four-year $15.0 million project concerning the LEAP system that has been established to enhance the US Navy’s anti-terrorism and force protection capability by providing persistent power at sea for port maritime surveillance in the near coast, harbors, piers and offshore areas. The system capability includes detection, tracking and communication of information on a timely basis. Certain aspects of the system will be provided by sub-contractors to OPT, including Rutgers University and Mikros Systems Corporation. Under the initial contract, OPT will provide its PowerBuoy wave energy conversion technology for testing with sensor-based and communications systems, with the ultimate aim under the four-year program of developing a LEAP-based vessel detection system test bed. This is OPT’s first contract with the US Navy under the LEAP program.
Ocean Power Technologies Limited signs a Commitment Agreement with the South West Regional Development Agency to advance the development of Wave Hub, one of the world’s largest proposed renewable marine energy projects. This Agreement supports the Company’s expected efforts to build a demonstration wave power station at the site, about 17 kilometres off the coast of St Ives, Cornwall, England. The Company’s expected participation in the Wave Hub project includes plans to build, install and operate a wave power station comprised of its patented PowerBuoy systems generating up to 5MW of electricity – equivalent to the energy needs of approximately 1,750 homes annually. The UK Government has earmarked £42 million for Wave Hub as part of a £100 million investment towards creating the UK’s first low carbon economic area in the South West England region.
Ocean Power Technologies announces that it has reached two major manufacturing milestones in the development of the Company’s flagship PB150 PowerBuoy®. These two completed critical stages for the first PB150 comprise the completion of the mechanical elements of the power take-off system and the awarding of the steel fabrication contract for the PowerBuoy structure. When completed, the PB150 PowerBuoy will be deployed at the European Marine Energy Centre in Orkney Islands, Scotland.
Angus Norman appointed Chief Executive of Ocean Power Technologies Limited (“OPT Ltd”), the Company’s UK-based wholly-owned subsidiary. Mr. Norman joins OPT from EDF Energy, where he held the position of Managing Director of Sustainable Solutions. He brings more than a decade of leadership experience in the energy and renewable energy generation sector as well as a long track record of acquisition, divestment and project development in the energy, transport, minerals and infrastructure markets.
Dr. George Taylor receives the 2009 Renewable Energy Navigator Award from the Foundation for Ocean Renewables. This major award was received by Dr. Taylor for over 25 year of dedicated service to renewable energy.
Ocean Power Technologies receives additional $1.1 million in funding from the US Navy for Hawaii Wave Power Project to support the continuing upgrades and testing of the advanced PowerBuoy® aimed at improved ocean durability. The Hawaii project is for the installation, testing and utility grid connection of successive PowerBuoys off the Marine Corps Base Hawaii at Kaneohe Bay.
Dr. George W. Taylor, founder of the Company is appointed Executive Chairman of the Company.
Dr. Phil Hart is appointed Chief Technology Officer. Dr. Hart is responsible for advanced technology development for OPT. This will include leading the development of the next generation of PowerBuoy® systems and directing on-going engineering and research programs. Prior to joining OPT, Dr. Hart worked for Global Marine Systems, an international marine technology and engineering company.
Ocean Power Technologies and Lockheed Martin announce collaboration for Utility Wave Power Project in North America. The agreement builds on their previous work together on systems for U.S. homeland security and maritime surveillance.
2008
Ocean Power Technologies and Leighton Contractors signed an agreement to develop Wave Power Stations in Australia. This agreement expands the company's activities in Australia, which is a key area of the world for the Company.
Ocean Power Technologies launches a new PowerBuoy® in Hawaii. The November deployment marked the third PowerBuoy deployment over a two month period at sites in both the Atlantic and Pacific Oceans.
Ocean Power Technologies wins a new $3 million contract from the US Navy for the second phase of the US Navy's Deep Water Acoustic Distribution Systems ("DWADS") program. For this program, OPT will tailor the design of its Autonomous PowerBuoy to meet the DWADS program requirements. DWADS has prospective applications using multiple PowerBuoys® for homeland security including powering sensor networks over wide areas of the ocean.
Ocean Power Technologies ocean tested a Deep Water Acoustic Distribution System ("DWADS") DWADS PowerBuoy® off the coast of Atlantic City, New Jersey in 3,300 feet of water depth. The Navy ocean tested OPT's autonomous PowerBuoy as a power source for the DWADS program.
Ocean Power Technologies won a new $2M Award from US Department of Energy in support of OPT's wave power project in Reedsport, Oregon. Major portions of the PB150 PowerBuoy will be fabricated and integrated in Oregon. This is the first award for the building of ocean wave energy systems by the DoE.
OPT deployed the PB40ES PowerBuoy® for the first commercial wave power project with Iberdrola S.A. at a site approximately 3 miles off the Cantabrian coast at Santoña, Spain.
OPT secured a 2 MW berth at European Marine Energy Centre (EMEC) at Orkney Islands, Scotland. The Agreement provides for the deployment and operation of OPT's PB150 PowerBuoys®. OPT will be able to sell power into the United Kingdom’s electricity grid at EMEC.
Ocean Power Technologies and Griffin Energy announced a Joint Development Agreement for the development, construction and operation of a wave power station off the coast of Western Australia.
OPT’s Santoña project has been recognized by Spanish Ministers during a Ministerial visit to the PowerBuoy manufacturing facility in Santander, Spain. The purpose of the visit was to highlight the final assembly and testing of the PowerBuoy® prior to installation. The PowerBuoy will be deployed at Santoña approximately 47 km (28 miles) east of Santander.
2007
Ocean Power Technologies and Converteam sign an exclusive Cooperation Agreement for the development of High Temperature Superconductor (HTS) Linear Generators for use in OPT's PowerBuoy® wave energy converters. This system is expected to have the advantage of improved efficiency, reliability and maintainability over traditional power take-off or linear permanent magnet based systems.
Ocean Power Technologies receives an additional $1.9 million in funding for its US Navy Program at Kaneohoe Bay on the island of Oahu, Hawaii.
OPT and PNGC Power sign a $500,000 agreement towards the fabrication and ocean installation of the first PB150 PowerBuoy® at Reedsport, Oregon. This effort is the first phase of OPT’s 1.5 MW Reedsport project.
OPT's PowerBuoy® Grid Connection receives “ETL” certification for national and international grid connection standards. OPT’s system was certified as compliant with the standards after a rigorous testing program conducted by Intertek Testing Services1.
OPT wins a new $1.75 million contract with US Navy for the Deep Water Acoustic Distribution System ("DWADS") program. This program is designed to utilize sophisticated data gathering and communications systems. For this program, OPT will demonstrate power generating capabilities by deploying its PowerBuoy in 3,300 feet of water, 75 miles off the coast of New Jersey.
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
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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1The ETL Listed Mark is an alternative to the CSA and UL marks. ETL Testing Laboratories has been conducting electrical performance and reliability tests since 1896 and was acquired by Intertek Testing Services in 1996. |
