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Ocean Power Technologies, Inc. Message Board

  • effwivakeef effwivakeef Feb 4, 2012 10:53 AM Flag


    ASX Announcement
    30th December 2011

    Oversubscribed Share Purchase Plan raises $6 million
    Wave energy developer Carnegie Wave Energy Limited (ASX: CWE) is
    pleased to announce that its Share Purchase Plan has closed
    oversubscribed and raised $6 million.
    Carnegie had previously announced on 1 December 2011 that it had initiated
    a capital raising via a Share Purchase Plan (“SPP”) of $4 million with capacity
    for a further $2 million in oversubscriptions. In accordance with the offer
    documents Carnegie’s Board of Directors has decided to accept oversubscriptions of $2 million in response to the subscription demand.
    Carnegie’s Managing Director, Dr Michael Ottaviano, said:
    “We're delighted by the strong and enthusiastic response of our shareholders,
    which has once again exceeded our expectations during difficult market
    conditions. With the fund raising closed, the company is now focused on
    putting into action its plans for 2012.”
    The funds will be used to fund working capital during the commercial
    demonstration project phase.
    Settlement of SPP funds and issue of shares will occur during the week
    commencing 2 January 2012.

    "Never give a sucker an even break"


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      Irish Wave-Energy Technology Developer Wavebob in Funding Round

      By Louise Downing - Jan 13, 2012 3:51 PM GMT

      Wavebob Ltd., the Irish technology company seeking to harness the power of the ocean to produce clean energy, is seeking to raise 10 million euros ($13 million) by the end of March.
      “We brought in a new investor before Christmas and are now in a funding round,” Chief Executive Officer Andrew Parish said in a telephone interview. “We are currently in due diligence with two strategic investors and also the financial community.”
      Energy from the waves has the potential to supply as much as 13 percent of current world electricity consumption, according to the European Ocean Energy Association. It currently costs about $434 a megawatt-hour, according to Bloomberg New Energy Finance data, compared with about $76 a megawatt-hour for coal-fired power.
      “We’ve had a lot of interest from strategic investors in mainland Europe and financial investors in the U.S.,” Parish said.
      Wavebob in March teamed up with Spain’s Abengoa SA (ABG) to evaluate potential locations for wave-energy farms around the world and to commercialize Wavebob’s technology, in a six-year agreement.
      “We continue to work closely with Abengoa on our research collaboration and they are just the kind of strategic investor we’d like to work with in the future,” Parish said.
      Wavebob plans to install three machines, in Scotland, Portugal and the U.S., in the next two years. It’s in the process of finalizing a manufacturing tender for its project in Scotland and is seeking to have a 100-kilowatt machine installed and working by the first quarter of 2013. The company then expects to install a device in Portugal in the third quarter of that year and is working toward a 500-kilowatt system in the U.S. in 2014.
      “In three to four years time we see a trade sale as a more realistic and appropriate exit than an initial public offering,” said Parish. Possible buyers include wind-energy developers and engineering companies or maybe the village idiot.

      • 1 Reply to effwivakeef
      • I'm SO hungry I could eat A TRUCKLOAD OF SWILL


        Waves for sale: a sea change for UK's wave power hopes
        Post Date: 04 January 2012

        Wave power is set to hit big time in 2012, with Edinburgh-based company Pelamis Wave Power seeking a buyer to take it to the next level of commercial expansion and Cornwall's Wave Hub being taken over by the Department for Business, Innovation and Skills.

        Three British companies, BAE Systems, Rolls-Royce and Weir, plus four foreign-owned ones, German company Siemens, US company Caterpillar, ABB (a multinational power and automation company) of Switzerland and France's Alstom, have all been approached as potential buyers.

        ABB already invests in Pelamis' main competitor in Scotland, Aquamarine Power, which has installed 64 MW of its Oyster wave power technology worldwide, including the 2.4 MW array at the European Marine Energy Centre (EMEC), Orkney.

        Pelamis needs development funding of just £10m-£20m to bring its Lock Ness monster-like, half-submerged machines to market-ready status.

        Pelamis CEO Per Hornung Pedersen said: “We have reached the stage where it makes most sense to look for financial support from a large engineering company rather than [to] seek further investment from venture capital groups.”

        He said the right buyer will need to be able to create a production line capable of turning out complex machinery, which would require substantial outlays in working capital.

        The company has made £19 million since 2005, by several sales including that of two large wave power machines to Eon of Germany and Scottish Power. Its business plan anticipates a turnover of £50m-£100m a year by 2020.

        Last month Pelamis founder Richard Yemm received an Outstanding Porker award at the Scottish Green Energy Awards in Edinburgh, at which E.ON's ‘Vagr Atferd’ wave energy project, connected to the grid at EMEC, also won the best project award.

        Oh no, I've gone right off my swill, I think that I am going to VOMIT!!!

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