Langlee Wave Power system - steps closer to commercial breakthrough

2009-08-19

PRESS RELEASE 19^th of August 2009

(Asker, Norway) The Norwegian wave power innovator Langlee Wave Power has signed a Letter of Intent (LOI) with the Turkish energy company Ünmaksan to build a 24 MW wave power facility worth approximately NOK 1 billion following pilot facility testing.

“Ünmaksan has analyzed more than 70 different wave power concepts, and we believe Langlee has the most robust technology and cost-effective solution,” says Ünmaksan’s Managing Director Mr. Serhat Kan. “The agreement with Langlee is a promising starting point in the development of Turkey’s wave power resources” he continues.

Phase 1 of the agreed project is a prototype designed for typical wave conditions near Turkey’s coastline; the pilot facility will be developed during 2010. Following testing of this pilot installation, Ünmaksan and Langlee are to develop a full-scale wave energy farm with an electric power generation capacity of 24 MW, at a total investment cost of approximately NOK 1 billion.

Langlee’s license fee revenues for the Ünmaksan project are estimated at approximately NOK 90 million.

“Our collaboration makes Langlee and Ünmaksan pioneers in the capture of wave energy for powering homes and businesses in this commercially important region. The partnership also ensures local access to academic, technical, and commercial expertise; yard construction capacity; and other resources necessary to achieve our ambitious goals,” says Langlee’s CEO Julius Espedal.

For further information, please contact:

Julius Espedal, CEO, Langlee Wave Power AS

tel: +47 900 44 104

julius@langlee.no

About Ünmaksan

Ünmaksan, a Turkish energy company specializing in renewable energy, is part of the Altintas Group. The Altintas Group consists of 8 companies related to ship building, shipping, energy and marble production. Ünmaksan recently was licensed by the government of Turkey to develop and install coastal wave power sites, the only such award in the country.

About Langlee Wave Power AS

Langlee Wave Power has developed unique technology for converting the power of sea waves into electric power. Headquartered near Oslo, Norway, Langlee systems use proven offshore technologies; processes and systems are being certified by Det Norske Veritas, DNV. Langlee is planning to install its first pilot facility, on a scale of 1:2, early in 2010 at a coastal Norway site.

EDITORS:

Wave power is an important emerging renewable energy source. The Langlee wave power converter captures a greater proportion of wave energy than alternative systems — and is designed for the moderate wave conditions found near major coastal population centers. Further background information is available at Langlee’s website: www.langleewavepower.com.