Opt 2012 02 28_company presentation_bilbao


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Opt 2012 02 28_company presentation_bilbao

  1. 1. Company Presentation
  2. 2. Investment Highlights Leading developer of turnkey ocean wave power production systems focused on:  $50 billion renewable segment of the $150 billion utility market  $10 billion autonomous (non-grid) power delivery market Developing utility PowerBuoy projects in North America, Europe, Japan and Australia, and marketing autonomous PowerBuoy for multiple applications Strong partnerships in place: U.S. Navy, U.S. DOE, Lockheed Martin, PNGC Power, Mitsui (Japan), Iberdrola (Spain) Extensive in-ocean product performance, including successfully withstanding hurricanes and winter storms Solid balance sheet – foundation for growth 2
  3. 3. Company OverviewCommenced Operations: 1994Incorporation: Delaware, USAOperating Locations: Pennington, NJ, USA and Warwick, UKTotal Employees: 50Intellectual Property: 61 US patents issued or pendingCash and Investments: $43.1 million (as of July 31, 2011)Public Listing: Nasdaq (OPTT) 3
  4. 4. Recent Commercial Achievements• FY 2011 revenues up by 31% to $6.7 million• Completed grid connection of Hawaii PowerBuoy – first for wave energy devices in US• Completed construction and deployed PB150 PowerBuoy for Scotland and progress made on construction of Oregon PB150• Received Lloyd’s Register Certification of PB150 PowerBuoy design• Signed ground-breaking agreement with 14 different stakeholders in our utility-scale Oregon project• Expanded relationship with Mitsui Engineering & Shipbuilding• Received $10.3 million in new orders• Commenced development of PB500, with customer funding• Successful deployment of LEAP PowerBuoy• Launched new technology initiative under WavePort project in Spain 4
  5. 5. PowerBuoy and Undersea Substation Float Cables from Spar other PowerBuoys (“Smart Part” Inside) Undersea Substation Heave Plate Cable to Sea Floor Shore 5
  6. 6. Wave Power Station 6
  7. 7. Autonomous PowerBuoysTechnology Readiness  First autonomous PowerBuoy tested in 2004 off State of Washington under Lockheed contract  PB40-rated system operated off New Jersey during 2005-2007 Withstood Hurricane Wilma  DWADS PowerBuoy prototype tested in 2010 demonstrating stationkeeping for US Navy Power generation in autonomous mode to maintain station and provide power intended for a sonar-based maritime security system  LEAP PowerBuoy “mission proven” in 2011 in successful integration with US Navy’s radar-based, operational maritime security system Persistent power in all wave conditions, using proprietary power management system Withstood Hurricane IreneKey Customers and Partners to Date  US Navy  Lockheed MartinTargets/Near-Term Goals  Report data following LEAP ocean performance  Actively marketing to customers for maritime security applications and offshore oil and gas sector 7
  8. 8. LEAP PowerBuoy off New Jersey Coast LEAP PowerBuoy After Hurricane Irene Photo provided by Michael Woods LEAP PowerBuoy Deployed by US Coast Guard 8
  9. 9. Utility PowerBuoysTechnology Readiness  Hawaii PB40 installed at Marine Corps Base 2009 – 2011 under US Navy contract Grid-connected in 2010  Scotland PB150 underwent successful ocean trials in 2011 Power output and overall system performance exceeded expectations  PB150 to be in operation off Reedsport, Oregon by mid-2012  Grid connection certified by Intertek for compliance with UL and IEEE standards  PB150 structure and mooring design certified by Lloyd’s Register  Independent Environmental Assessment in Hawaii under direction of US Navy resulted in “Finding of No Significant Impact” – highest ratingKey Customers and Partners to Date  US Navy  US Department of Energy  Leighton  Mitsui Engineering & Shipbuilding  PNGC Power  Iberdrola  Lockheed MartinTargets/Near-Term Goals  Complete PB150 for Oregon; commence in-ocean operation in mid-2012  Actively marketing in Japan, Australia, North America, Europe 9
  10. 10. Scotland OutperformedPB150 – Scotland Attained Lloyd’s Register certification of PB150 design Ocean trials commenced April 2011, completed October 2011 Achieved average electrical power of 45 kilowatts at wave heights as low as 2 meters, exceeding expectations Power take-off system performed well Capacity factor higher than generally seen in other renewables, such as wind and solar Seeking commercial partner or customer for next phase 10
  11. 11. PB150 Scotland Deployment 11
  12. 12. PB150 Scotland Post Deployment 12
  13. 13. Wave Port Project. Spain 13
  14. 14. 14
  15. 15. Ongoing Utility Marketing Initiatives Europe North America 30-140 MW Japan 30-150 MW 1-5 MW Australasia 15-20 MW Target sales price in production volumes is $4 million/MW (higher initially) 15
  16. 16. Spain 16
  17. 17. Competitive Advantages• PowerBuoy is based on ocean-going buoys, primarily below sea surface• Electronic “tuning” capability optimizes power in dynamic wave conditions• PowerBuoy sends grid-ready electrical power to shore, not pumped water• Same PowerBuoy technology provides power for autonomous deep-sea applications and for grid-connected utility markets• Power take-off is direct drive, not hydraulics-based• Demonstrated robustness in hurricanes, winter storms, tsunamis• Strong partners: Mitsui (Japan), Lockheed (US), US Navy, PNGC Power (US), Iberdrola (Spain)• Third party commercial validation: environmental assessments, grid connection, PB150• PowerBuoy produces power efficiently regardless of direction of incoming waves• PowerBuoy open architecture can use different PTO’s; undersea substation pod serves all energy devices• Strong capital base, cash balances 17
  18. 18. Third Party Commercial Validation OPT’s technology has received more testing & validation by independent parties than any other wave energy company• Certification by Lloyd’s Register of PB150 structure and mooring system• Independent Environmental Assessments in Hawaii under direction of US Navy, and by US DoE for Reedsport, Oregon, project; both resulted in “Finding of No Significant Impact” – highest rating• Grid connection certified by Intertek (IEEE and UL standards)• PowerBuoys insured by Lloyd’s syndicates for over 13 years for property loss and third party liability• US DoE has assessed PowerBuoy PB150 as highest-rated wave energy system for commercial readiness (TRL 7-8) 18
  19. 19. Standard PowerBuoy Manufacturing Process Buoy fabricated near coastal site Power take-off and control system (“smart-part”) built in New Jersey PowerBuoy at Fabrication Site Integration and test of completed PowerBuoys at dockside near coastal site Power Take-Off & Control System 19
  20. 20. PowerBuoy Deployment Process 20
  21. 21. For More Information Contact Us For more information on Ocean Power Technologies and our PowerBuoy® systems, please contact us at: Ocean Power Technologies Ltd Warwick Innovation Centre Gallows Hill Warwick CV34 6UW UK Phone: +44 (0)1926 623370 Fax: +44 (0) 1926 408190 E-mail: info@oceanpowertech.com 21