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Wave Energy Development — A Reality for Connecticut

CT Clean Energy Fund makes an investment to begin a New England model for the U.S

(Rocky Hill, CT – December 10, 2001) — It's official. Wave energy technology is coming to Connecticut. After meeting in September to discuss Connecticut's role in the development and commercialization of wave energy, the Connecticut Clean Energy Fund (CEF) and Energetech came to an agreement this month.

“Connecticut is earning a reputation as a national leader in the development and utilization of innovative new energy technologies,” Governor John G. Rowland said. “Our economy is now a mix of minds and manufacturing. Our energy future depends on the invention and innovation of our people and their ability to turn new technological corners.”

“We’re extremely pleased that Connecticut will be on the forefront for the development of wave energy technology in the U.S.,” said Arthur Diedrick, Chairman of CEF. “The Connecticut Clean Energy Fund is aggressively pursuing the development of a renewable energy market. This latest investment is an ideal opportunity for the state to be an early innovator of wave energy technology.”

CEF has committed $1 million and invested an initial $500,000 into Energetech which will be used to form Energetech America, a wholly owned subsidiary of Energetech, an Australian-based company. The subsidiary is being created to license its technology throughout North America and to locate potential sites for a demonstration plant in New England.

Tom Denniss, the founder and CEO of Energetech, estimates that a significant amount of energy in New England could be produced through wave technology. “With the energy situation and debate raging, this is the perfect time to push ahead with New England development,” said Denniss. “A variety of alternatives is more important than ever.”

Wave energy conversion technologies are devices that can be deployed in onshore, near shore and offshore applications to convert the energy from waves into electricity. This renewable energy form is undergoing rapid development outside the United States — and projections show that these technologies will reach commercialization within five years.

“Not only will this technology help position Connecticut in renewable energy,” said Charlie Moret, CEF’s managing director of investments, “but it also has the potential to create more jobs in our manufacturing and distribution industries for turbines, electronics and marine structures.”

As part of its mission, the Connecticut Clean Energy Fund promotes a variety of renewable energy sources, including fuel cells, wind, biomass conversion, solar and wave. The fund invests in enterprises and other initiatives that promote and develop sustainable markets for energy from renewables and fuel cells for the benefit of Connecticut ratepayers. The fund is administered by Connecticut Innovations.