Joint Development Agreement for Western Australian Wave Power Station

Ocean Power Technologies (Australasia) Pty Ltd, a subsidiary of Ocean Power Technologies, Inc. and Griffin Wave Power Ltd, a subsidiary of Griffin Energy Pty Ltd today announced a Joint Development Agreement for the development, construction and operation of a wave power station off the coast of Western Australia.

Griffin Energy, a leading Western Australian diversified energy supplier, is partnering with OPT’s world leading technology to further expand its balanced generation portfolio, which currently includes plans for coal, gas and wind power.

The Agreement paves the way for the development of a wave power station capable of producing up to 10 MW, with potential expansion to 100 MW.

The green energy generated by the project, planned for the coast off the northern suburbs of Perth, Western Australia, would then be fed into the State’s main power grid.

Ocean Power Technologies CEO, Dr. George W. Taylor, said that OPT was pleased to partner in the new initiative to deliver leading edge technology to Western Australia. “Wave power, which harnesses the very concentrated and predictable energy of oceans, is one of the leading emerging sources of renewable energy,” he said.

“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.”

Griffin Energy Executive General Manager Wayne Trumble said the new project was part of the Company’s vision of delivering a balanced energy supply to Western Australia.

“The Western Australian Government has already announced it intends to implement a renewable energy target of 15% by 2020, including powering key infrastructure such as the new Binningup desalination plant,” Mr. Trumble said.

“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 realise our vision.”

Under the terms of the agreement, OPTA and Griffin Energy plan to form a joint venture, to which OPTA will provide the turn-key power station, and operations and maintenance (O&M) service.

The project represents a substantial investment in sustainable energy by Griffin, and both joint venture parties are hopeful of subsequent expansion phases. Wave energy’s density and availability off the Western Australian coast means that an area as little as 100 hectares could produce 100 MW of power.

Mr. Trumble said, “Western Australia presents OPT with unique opportunities in terms of strong and reliable wave power. We look forward to working with the Company to expand our significant renewable energy portfolio and lead Western Australia in the development of this energy source.”

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