| Add RSS Feed

23 September 2003 - New Jersey-based Ocean Power Technologies is planning to build a demonstration power plant in Europe to for its wave-powered electricity generation system.

The project is to be financed by a $25m flotation on the UK Alternative Investment market (AIM) scheduled for next month. Evolution Beeson Gregory advises the company, which is expected to have a market valuation of $70m.

Ocean Power Technologies supplies US Marines in Hawaii with one megawatt of electricity generated by a "smart' buoy moored below the surface of the sea. The motion is converted into electricity via a sealed generator that sits on the seabed. The system avoids environmental damage and unsightly buildings.

George Taylor, chief executive, said $18m had been invested in the last ten years. "There is no visible or audible pollution. And it does not interfere with marine life," said Mr Taylor.

| Add RSS Feed

---

More Industry News Articles >

Search Archives >

Power Engineering Article Categories:

Business		Projects/Contracts
Industry News		Deregulation
Environmental		Русский язык
Power Generation Young Professionals		Honeywell Automation & Control Solutions
HoneyWell Press Releases		HoneyWell Product Information
Power Engineering International Current Issue Table of Contents
Power Engineering Current Issue Table of Contents
Potencia Current Issue Table of Contents
Nuclear Power International Current Issue Table of Contents
Middle East Energy Current Issue Table of Contents

---

Search Products Buyer's Guide >

Search Industry Jobs >

Magazine & E-Newsletter Subscriptions >