Principle Power Awarded DOE Grant for Development of Advanced Water Power Technologies

Seattle, WA (USA), October 12, 2009 – Principle Power, Inc. (“Principle Power”) is pleased to announce the award of a US Department of Energy grant in support of the development of advanced water power technologies. The scope of work for the $750,000 USD grant will be finalized in the coming months with government coordinators. Proceeds are to be used for the design, validation, and levelized cost analysis of an innovative floating support structure for wind and wave energy power take-off mechanisms. Project partners include the US National Renewable Energy Lab (NREL) and Marine Innovation and Technology (MI&T).

A novel support structure for large offshore wind turbines, called the WindFloat, will be adapted to accommodate wave energy generation. Conceived by MI&T and owned by Principle Power, the WindFloat is a patent-pending floating support structure for offshore wind turbines with a simple and elegant design. Innovative features of the WindFloat dampen wave and turbine-induced motion, enabling wind turbines to be sited in previously inaccessible locations where water depth exceeds 50m and wind resources are superior.

The combination of the WindFloat with wave energy converters has the potential to increase energy generation while making use of shared infrastructure costs. In addition to the optimization of capital expenditures, the profile of energy produced from the combination of wind and wave generators is conceptually more consistent than wind generation alone. Base-load energy profiles may be a possibility as a result.

“We have the opportunity to explore the combination of two intermittent energy sources in the hopes of creating an offshore renewable energy generation structure which meets the current and future needs of costal load centers,” said Alla Weinstein, CEO of Principle Power. “The use of the support structure for both wind and wave energy generation should lead to increased energy production and a reduction in levelized energy costs – the ultimate goal of this project.”