OCEAN POWER TECHNOLOGIES,
INC.
Pennington, New Jersey 08534
609-730-0400 *** 609-730-0404
Ocean
Power Technologies, Inc. (“OPT”) is an energy technology company supplying
intelligent wave power electrical generation systems to utilities, independent
power producers and the public sector. OPT is capitalizing on the increasing
demand for low cost electricity, the need for distributed generation and the
awareness of new environmentally sensitive power generation technologies. OPT
is offering its customers a tested, leading edge, proprietary product which
generates electricity in a reliable, non-polluting and cost-effective way.
OPT
HAS DEVELOPED AND TESTED THE FIRST
COMMERCIAL WAVE POWER GENERATION SYSTEM IN THE USA
OPT’s product is a scalable wave energy
conversion system which is based on the integration of patented technologies in
the areas of hydrodynamics, electronics, conversion mechanics and computer
control systems. It has been designed and tested to solve the problems usually
associated with harvesting wave energy: uneconomical scale, variable wave
regimes and a severe environment.
OPT believes that its wave power generation system is unique in that:
· The system is a modular buoy-based product in which the modules are relatively small and hence relatively inexpensive to build and install compared to large wave energy generation systems
· Regular low cost maintenance will permit a lifetime in excess of 30 years since the system is constructed from rugged buoys, marine quality hydraulics and proven conventional moorings and anchoring and underwater transmission power cable
· The modular nature of the system allows for simple installation and easy scale-up, as well as immediate revenues streams, as the power buoys are incrementally brought on-line
· The cost of electricity produced by the system ranges between 3-4 cents/kWh for primary power and 7-10 cents/kWh for secondary power applications
OPT’s system trials include multiple tests in
the US Navy’s wave tank facility near Washington, DC, as well as operation of a
unit off the coast of New Jersey for 11 months. Over that period, the ocean
system produced power in varying conditions, and survived several major storms
and a hurricane with waves as high as 10 meters. Based on the successful testing of the system, the Company has
come to be regarded by independent experts as the world leader in buoy-based
wave power generation devices.
OPT COMMANDS STRONG COST ADVANTAGES RELATIVE TO COMPETING SOURCES OF ELECTRICITY GENERATION
The cost of generating power from an OPT wave power station is projected to be 3-4 ¢/kWh for 100MW systems and 7-10¢/kWh for 1MW plants.
While the capital cost of OPT’s system is relatively more expensive at the secondary power level, the cost is competitive at the large scale 100 MW level compared to traditional fossil fueled systems.
Comparison of Operating Cost (cents/kWh)
|
Secondary Power (1 MW) |
Primary Power (100 MW) |
OPT System |
7-10 |
3-4 |
Fossil Fuel |
N/A |
3-5 |
Wind |
10 |
5-6 |
Diesel |
12-100 |
N/A |
Photovoltaic (Solar) |
25-50 |
10-15 |
CAPITAL COST OF OPT SYSTEM
|
1MW |
100MW |
Coal Plant |
N/A |
1,500-3,500 |
Fuel Cells |
5,000 |
N/A |
Microturbines |
Low |
N/A |
Wind/Solar |
8,000 |
4,000 |
Other Wave Systems |
45,000 |
N/A |
OPT |
6,200* |
2,300** |
*20 unit cluster of 50kW units |
Note: This data is based on OPT projections of detailed costs for 100 MWsystems. Coal-based power plant costs are based on operating cost information from various utilities analysts, and Resource Data International, Inc.
THE OPT SYSTEM
DELIVERS LOWER COST PER KWH OVER ITS LIFETIME
While OPT’s power plant equipment is at a somewhat higher projected purchase price per kilowatt than existing conventional power plant, the total cost per kilowatt hour over the life time of the plant is much lower (see Table below). This is because the OPT Power Systems require no fuel, and maintenance operations are lower in cost (based on standard buoy maintenance procedures promulgated by the US Coast Guard).
Wave Energy
Compared to Wind and Solar Energy
Type |
Energy |
Predictability |
Availability |
Potential |
Wave Energy |
High |
Predictable in most sites |
80 – 90% |
Virtually unlimited |
Wind Energy |
Low |
Unpredictable - except in limited number of sites |
20 – 30% |
Very limited |
Solar Energy |
Low |
Unpredictable - except for medium number of sites |
20 – 30% |
Medium number |
Source: independent analysts, US Department of
Energy, and various periodicals.
OPT HAS SUCCESSFULLY SIGNED ITS FIRST
COMMERCIAL CONTRACTS
After successfully testing the complete wave
power system, OPT has received its first commercial contracts for wave power
generation systems from the US Navy, an electric utility in Australia and the
State of New Jersey.
· High energy density for production of primary electric power
· Essentially unlimited quantities of renewable energy close to centers of population and industry. Since OPT’s power generation systems use no fuel, there are no costs of transport, storage, handling or the uncertainties of fuel pricing.
· Predictable, high duty cycle power generation which can be fed into the power grid or stored
· Efficient at low and variable speed operation suited for natural energy sources.
· Highly modular system enabling lower costs, reduced construction and commissioning period, and ease of expansion or reduction of power capacities. Conventional power stations must be built on a large scale to be economical, making them vulnerable to failure and difficult to maintain. Furthermore, the modular, scaleable nature of OPT’s systems enables the power capacity planned to avoid resource commitment until it is justified by actual demand.
· Also ideally suited for powering salt water desalination and hydrogen generation plants
· Non-polluting and safe energy - no toxic gases, acids or greenhouse effect and no waste disposal problem
· For conventional power plants, the “footprint” of the plant superstructure, surrounding grounds and additional facilities such as fuel unloading areas, waste settling ponds, etc. can occupy up to two square miles of expensive real estate for a 100 MW site. A comparable OPT power plant would occupy approximately the same area of effectively free ocean surface out of sight from the shore.
· Conventional power plants are based on a small number of large generators. Unscheduled maintenance and equipment down-time can significantly diminish capacity output and negatively impact costs. OPT’s power generation systems are based on a large number of small generators and the effect of equipment down time or unscheduled maintenance on single units has a minimal effect on capacity output.
(Based on nominal 2.0 meter wave height)
Based on Nominal 2.0 Meter Wave Height |
||||
Station Capacity Megawatts |
Quantity OPT Units Deployed |
Surface Area Acres |
Min./Max. Ocean Depth Feet** |
Offshore Distance Miles (Typical) |
1 |
20 |
5 |
100-300 |
0.5-5.0 |
5 |
50 |
25 |
100-300 |
0.5-5.0 |
10 |
100 |
50 |
100-300 |
0.5-5.0 |
50 |
200 |
240 |
100-300 |
0.5-5.0 |
100 |
500 |
480 |
100-300 |
0.5-5.0 |
|
|
|
|
|
Note: 640
acres equals 1 square mile |
OPT is the world’s leader of wave
energy generation systems
• Wave energy is the most concentrated form of renewable
energy
- Widespread throughout the world
- Close to population centers
- Predictable and dependable
- Non-polluting: no exhaust gases, no noise, no visibility from
shore
- Scalable to high capacity power stations (100MW+)
- 100 square miles of ocean area off coast of California is
estimated capable of producing all
of California’s electrical power
• Availability factor of 90%, with wind and solar
availability factor of 30-40%
• OPT’s system captures wave energy in a simple and
cost-effective manner
- Modular design makes system flexible, reliable, durable and easy
to scale
- Proprietary system
- Innovative design allows for easy installation and maintenance
OPT’s wave energy generation
system is based on a “smart”, modified ocean-going buoy designed to capture and
convert wave energy into a controlled mechanical force which drives the OPT
electrical generator
• The rising and falling of the waves causes the buoy like
structure to move freely up and down. The resultant mechanical stroking is used
to drive the electric generator
• The generated AC power is converted into high voltage DC
and is transmitted ashore via an underwater power cable
• The OPT device is a proprietary, “smart” system as the buoy
sensors continuously monitor the performance of the various subsystems and the
ocean environment, so as to efficiently convert the random wave energy into
useful electrical power
• In addition, the OPT system includes sophisticated
techniques for automatically disconnecting
the system in very large waves, and automatically reconnecting when the
waves return to normal regime
Generator and Electronics
Buoy-like structure containing power modules, hydraulics
a) Array of power units, electrically coupled
b) Increase or decrease capacity as demand requires
c) Fast installation and commissioning
ENVIRONMENTAL ADVANTAGES OF
OPT’s POWER GENERATION
SYSTEMS
12