Ocean Power Alliance for Commercialization Of Near-Term Alternative to Fuel Cells
EL DORADO HILLS, Calif., Jan. 4 /PRNewswire/ -- Ocean Power Corporation (OTC Bulletin Board: PWRE - news) is pleased to announce the next step on its path toward becoming a leading supplier of cost-effective, environmentally-friendly power sources before the commercial availability of fuel cell systems. In order to accomplish this, Ocean Power has signed a Teaming Memorandum with STM Corporation of Michigan and Singapore Technologies Automotive of Singapore. The initial purpose of this teaming is to develop and execute a program to productize and commercialize the existing 25 kW STM external combustion engine in three basic operating configurations: natural gas, diesel, and solar heat. All three of these systems will be modular and able to be operated in parallel in multi-megawatt configurations.
''The projected system efficiency, manufacturing cost and environmental performance (meeting or exceeding that of fuel cells) will allow for commercial sales in the year 2000. The STM external combustion engines provide fuel cell performance now, and commercial pricing this year,'' said Joseph P. Maceda, President of Ocean Power. ''We see this team as the first in a series of steps in building the technology and vendor base necessary to execute our business plan of developing the most cost-effective source of desalinated seawater in the market.''
The above statements in regard to Ocean Power which are not purely historical are forward-looking statements including Ocean Power's beliefs, expectations, hopes or intentions regarding the future. All forward-looking statements are made as of the date hereof and are based on information available to Ocean Power as of such date. It is important to note that actual outcome and the actual results could differ materially from those in such forward-looking statements. Factors that could cause actual results to differ materially include risks and uncertainties such as technological, legislative and marketplace changes.
For further information, please contact Joe Maceda of Ocean Power Corporation, 916-933-8100.
---------------------------------------------------------------------
Hello:
There are volumes that can be written between the lines about this relationship. Singapore Technologies (http://www.st.com.sg/) is a major high tech manufacturing/engineering firm. ST is contributing all the investment money required to develop these engines for production.
This announcement is a significant step forward for OP, and underscores the company's objective to ship and install Desal plants this year.
The technology platform is in place, and this announcement secures the production development and manufacturing components.
Happy New Year!
Gene Martineau |
