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.