Ocean Power Corporation and EPRIsolutions Enter Into Agreement Regarding Stirling Engines
EL DORADO HILLS, Calif., Feb 22, 2001 (BUSINESS WIRE) -- Ocean Power Corporation (OTC Symbol:PWRE), and EPRIsolutions, a subsidiary of the Electric Power Research Institute, have entered into a non-binding agreement, whereby EPRIsolutions will support Ocean Power's efforts in the market introduction of its 3kW electrical, 9kW thermal engine in the United States and Canada. Pursuant to the agreement, EPRIsolutions will provide the following services:
1. conduct initial baseline performance testing of the Stirling engine and tests to assess its ability to meet U.S. electrical
interconnection and power quality requirements;
2. obtain commitments from electric and gas utilities in the U.S. and Canada for 20 test units for U.S. field testing;
3. facilitate the organization of an electric and gas utilities users group who will have the option to be a U.S. or Canadian distributor of our Stirling engine.
The agreement between Ocean Power and EPRIsolutions is conditioned upon the development and execution of definitive agreements and approval of an authorized and empowered officer of each corporation and, if necessary, the Board of Directors of each entity. Ocean Power and EPRIsolutions have agreed to develop the definitive agreements and project on a best efforts
basis. Ocean Power intends to market the Stirling engine within the U.S. and Canada through a U.S. subsidiary.
More information on EPRIsolutions can be found at www.eprisolutions.com.
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.
CONTACT: Ocean Power Corporation
Blair Aiken, 212/618-1712
---------------------------------------------------
Opinion:
- EPRI is one of the key organizations in support of the US Utility industry/sector. EPRI's involvement in organizing a group of utilities to test this 3Kw home unit is significant for Stirling engines in general, this specific Stirling design type, and for Ocean Power Stirling efforts.
- EPRI has been involved with other early stage technology initiatives such as fuel cells and micro turbines. Their early interest in a new technology sends a signal of legitimacy and potential future value.
- EPRI's involvement should strengthen Ocean Power's hand in current and future negotiations across a broad front. |
