Oregon Wave Energy Trust

Hybrid Wave/Wind Energy Technology the Focus of New Oregon Company

April 29th, 2011

LAKE OSWEGO, OR — Oregon-based Bridgeworks Capital and Denmark-based Floating Power Plant Inc. today announced the joint creation of a U.S. company, Floating Power Inc., to commercialize the Danish company’s Poseidon Wave/Wind Energy Platform that has successfully demonstrated the capacity to generate both hydraulic power from waves interacting with floats and electricity from wind using turbines mounted on the platform. The Oregon company holds exclusive rights to Poseidon installations throughout the Americas & U.S. government facilities worldwide. Read the full press release.

Comment from Jason Busch, Executive Director, Oregon Wave Energy Trust

OWET is more than pleased that Floating Power Inc. has selected Oregon as its North American headquarters. This announcement validates the investment that Oregon, through the Oregon Innovation Council, has made in ocean renewable energy. It also illustrates the eventual return on the State’s investment — a new industry that will deliver sustainable family-wage jobs and clean, renewable energy.

In an interview with Sustainable Business Oregon, Erik Schulz, Chairman of Floating Power Plant, a partner in this joint venture with Bridgeworks Capital, said “I believe Oregon has the global ambition of being for waves what Denmark is for Wind.”

Mr. Schulz couldn’t be more right, we do. And visionaries like he and his team, and his U.S. company partner, Mark Waller, Chairman, Floating Power Inc. and President, Bridgeworks Capital, deserve our sincere thanks for helping to pave the way.

Welcome to Oregon. May your success exceed all expectations.

Reaching Out

Did You Know?

Oregon is a leader in wave energy.

Oregon focuses on a collaborative model for getting wave energy projects in the water.

That Oregon’s Coastline is among a few places in the world that has the key elements to tap into wave energy?

That Oregon can enjoy an abundance of energy generated by ocean waves?

That our state contains internationally- recognized experts who are leading efforts to responsibly develop wave energy?

That Oregon has capacity to build, maintain and deliver sustainable wave energy power to the grid?

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Why support Oregon Wave Energy Trust?

Wave energy is one key part of the comprehensive alternative energy solution for Oregon. And thanks to a combination of unique characteristics is the only source of energy where Oregon enjoys such a clear competitive advantage. As a result, Oregon’s wave energy industry provides myriad opportunities to deliver significant economic benefits to the state.

Oregon Wave Energy Trust (OWET) works closely with our state- wide stakeholders: fishing and environmental groups, coastal communities and industry, government agencies and other partners in responsibly developing this new industry while establishing Oregon as the North American leader in wave energy. The work that we do is the real benefit we offer our members.

Our Founding Partners

Oregon Wave Energy Trust was funded in part with Oregon State Lottery Funds administered by the Oregon Business Development Department. It is one of six Oregon Innovation Council initiatives supporting innovation and long term economic growth.