Ocean Power Technologies (Australasia) Pty Ltd (OPTA), a subsidiary of Ocean Power Technologies, Inc. (Nasdaq: OPTT; OPT.L) signed an agreement with Leighton Contractors Pty Ltd to develop wave power projects off the east and south coasts of Australia.
The initial phase of work will be for OPTA and OPT to identify potential project sites and assess their commercial prospects, under contract from Leighton. Upon identification of projects to be developed, Leighton will obtain approvals, negotiate power purchase agreements, structure project financing, and oversee project delivery and operation of the power stations. OPTA will sell its PowerBuoy wave power station to special purpose companies formed by Leighton for the projects.
Leighton Contractors employs over 9,000 people and has Au $9.0 billion in projects. Over the past 50 years, Leighton has played an active role in building Australia’s ports and marine facilities, transportation infrastructure, and energy projects including the wind and offshore oil and gas sectors.
"Leighton is one of Australia’s major infrastructure providers, with an annual turnover of several billion dollars. Its project development and delivery expertise will contribute to making the Australian market a major regional hub for the introduction and commercialization of OPT’s unique, ocean tested wave power technology," OPT’s CEO, Dr. George W. Taylor, said.
OPT announced last that it is operating with an $8 million backlog of orders. For the quarter ending October 31, 2008, the company had revenue of $0.7 million and operating losses of $5.4 million.
Chief Financial Officer Chuck Dunleavy said operating losses are higher and revenue lower than the previous quarter, because OPT is currently focused on building its PB150 model of the PowerBuoy, which Dunleavy said will be the company’s "workhorse" over the next few years.
Ocean Power Technologies, Inc. is a pioneer in wave-energy technology that harnesses ocean wave resources to generate electricity. OPT is headquartered in Pennington, New Jersey with offices in Warwick, UK.
Leighton Holdings Limited (ASX:LEI) is the parent company of Australia’s largest project development and contracting group. Founded in Victoria in 1949, the organization has grown from a small, privately owned civil engineering firm into a dynamic group that includes Thiess, John Holland, Leighton Properties, Leighton Contractors, Leighton International and Leighton Asia. With 37,000 employees, the Group’s operations are throughout the Asia-Pacific region on projects in Australia, New Zealand, Hong Kong, Indonesia, Malaysia, Singapore, the Philippines, Thailand, Vietnam, China, Taiwan, Sri Lanka, Macau, India and the Gulf Region.
Loading...