Wave Power - Coming Soon to an Ocean Near You?
Wave power has great potential. Are investors missing an emerging opportunity?

Ocean Power Technologies, the world leader in wave power technology, believes that in 2010 it will complete development of its 500 KW power-generating PowerBuoy system. Then, if it can reach production levels of 500 units per year, it believes that it can achieve the economies of scale necessary to "compete on a non-subsidized basis with the price of wholesale electricity in key markets."

Wave power is barely on the radar of many investors in renewable energy, overshadowed by all the impressive developments in solar energy, wind power and fuel cells. But if Ocean Power is successful, it will almost certainly bring in a flood of investment.

The company offers two PowerBuoy products, based on 10 years of trials. The first is the utility system, which supplies power to a local or regional grid. The other is the autonomous system, which generates power independently of a grid, and is for use in applications such as solar and radar surveillance, offshore platforms and tsunami warning systems.

Ocean Power has already completed trials of the autonomous system together with Lockheed Martin Corporation, and they plan a joint marketing effort.

The utility system is involved in trials with several groups. The United States Navy has been carrying out a series of tests in Hawaii. Spain's giant utility Iberdrola, which is a world leader in renewable energy developments, is developing a wave power project off the Spanish coast. And a major test is taking place at Reedsport, Oregon. Further trials are planned for Britain and France.

In the nine months to January 2008 Ocean Power achieved revenues of $3.7 million - up from $1.5 million in the same period to January 2007 - thanks especially to payments for projects in Spain, Hawaii and Britain.

However, a growing amount of work for the company led to higher expenses, and the net loss swelled to $8.3 million, from $5.5 million in January 2007.

April 25th, 2008

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Wave Power - Coming Soon to an Ocean Near You? Wave power has great potential. Are investors missing an emerging opportunity?

Wave Power - Coming Soon to an Ocean Near You?
Wave power has great potential. Are investors missing an emerging opportunity?