Press Release

October 27, 2004

Chinese Government Endorses 300 MW Tidal Lagoon

Cooperation Agreement Signed in New York

The Chinese government has expressed its enthusiastic support of Tidal Electric’s ambitious 300 MW offshore tidal lagoon in the waters near the mouth of the Yalu River by signing an agreement pledging to cooperate with the development. At 300 MW, the project would be the largest tidal power project in the world, topping the capacity of the 240 MW French tidal power plant in LaRance.

Governor Zhang Wenyue of Liaoning Province (population 50.2 million) traveled to New York for the signing ceremony accompanied by 4 Mayors from cities nearby the chosen site, provincial consenting authorities, foreign trade officials, and a contingent of foreign affairs specialists.

Tidal Electric was represented by Chairman Peter Ullman, Director Gregory Bonenberger, and Michael Ashburn, a British citizen living in Beijing who heads up Tidal Electric’s affiliate company Tai Yang Dian Li (“Clear World”). Detailed discussion of specific aspects of the agreement were held at the Yale Club in New York and included Mayor Chen of Dandong City and a contingent of other local officials who pledged their support and agreed to provide Tidal Electric with environmental data, tidal data, and liaison services.

Tidal Electric’s Peter Ullman had traveled to China in August where he toured the sites and quarries, met with candidate engineering firms (referred to as “Design Institutes”) and conducted a day-long workshop in Beijing describing the offshore tidal technology and fielding questions from government officials, oceanographers, environmental specialists, and engineers. Michael Ashburn was instrumental in organizing the trip and facilitating the discussions, calling upon his 18 years of power plant development experience in Asia where he has successfully built 9 power plants.

Peter Ullman said “China’s economy is booming and requires many new power resources to keep its momentum going. The Chinese government has clearly stated their support for renewable power. They demonstrated that by bringing top scientists and engineers together to carefully consider the tidal lagoon technology and ask all the hard questions. They are now satisfied the technology is credible.”

“The Chinese government seems to understand the risks faced by power developers wishing to do business in China and they have made every effort to remove risks and potential problems. I am very pleased and impressed.”

Next steps for the project are to conduct engineering feasibility studies similar to those that were recently successfully concluded in the UK by WS Atkins Engineering for Tidal Electric’s Swansea Bay project.

Tidal Electric
50 Albemarle St, 3rd Floor
London W1S 4BD
United Kingdom

Phone: 44 (0) 207 692 7557
Fax: 44 (0) 208 254 4929

US Phone: 860 408 1400
Email: inquires@tidalelectric.com