OPT awarded $1.5m for higher output PowerBuoy


 

TIDMOPT 
 
RNS Number : 0067K 
Ocean Power Technologies Inc 
12 April 2010 
 

 
                  OCEAN POWER TECHNOLOGIES WINS NEW $1.5M AWARD 
                       TO DEVELOP HIGHER OUTPUT POWERBUOY 
 
Pennington, New Jersey - April 12, 2010 - Ocean Power Technologies, Inc. 
(Nasdaq: OPTT and London Stock Exchange AIM: OPT) ("OPT" or the "Company") 
announces that it has won a $1.5 million award from the US Department of Energy 
("DoE") for the development of OPT's next generation PowerBuoy  wave power 
system. 
 
The DoE grant will be used to help fund the scale-up of the power output per 
PowerBuoy from the current level of 150kW to 500kW.  In addition, the technology 
development effort will focus on increasing the power extraction efficiency and 
a "Design-for-Manufacture" approach, which aims to achieve lower installed 
capital and energy costs that are expected to be competitive with energy based 
on fossil fuels. 
 
Charles F. Dunleavy, Chief Executive Officer of the Company, said: "OPT's 
program of work under this award is in accord with the Department of Energy's 
objectives to increase the use of domestic marine resources for electric power 
generation and to enhance energy security, while improving the environment.  OPT 
and its partners share these goals and are committed to dealing constructively 
with the challenges of climate change.  We appreciate the DoE's confidence in 
our technical capabilities to commercialize wave power further." 
 
This is the second award to OPT by the DoE.  In 2008, OPT received $2.0 million 
to provide funding for the construction of a PB150 PowerBuoy to be deployed in 
connection with the Company's project at Reedsport, Oregon. 
 
Issued to OPT under a competitive process, this latest award was made in support 
of innovative renewable water power technologies.  The DoE is seeking to advance 
the commercial viability, market acceptance and environmental performance of 
marine and hydrokinetic technologies.  Work under the award will be performed on 
an equal cost-sharing basis over a two-year period, subject to full expenditure 
authorization and incremental funding by the DoE. 
 
 
Forward-Looking Statements 
 
This release may contain "forward-looking statements" that are within the safe 
harbor provisions of the Private Securities Litigation Reform Act of 1995. These 
forward-looking statements reflect the Company's current expectations about its 
future plans and performance, including statements concerning the impact of 
marketing strategies, new product introductions and innovation, deliveries of 
product, sales, earnings and margins. These forward-looking statements rely on a 
number of assumptions and estimates which could be inaccurate and which are 
subject to risks and uncertainties. Actual results could vary materially from 
those anticipated or expressed in any forward-looking statement made by the 
Company. Please refer to the Company's most recent Form 10-K for a further 
discussion of these risks and uncertainties. The Company disclaims any 
obligation or intent to update the forward-looking statements in order to 
reflect events or circumstances after the date of this release. 
 
 
 
About Ocean Power Technologies 
 
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange AIM: OPT) 
is a pioneer in wave-energy technology that harnesses ocean wave resources to 
generate reliable, clean and environmentally-beneficial electricity. OPT has a 
strong track record in the advancement of wave energy and participates in a $150 
billion annual power generation equipment market. The Company's proprietary 
PowerBuoy  system is based on modular, ocean-going buoys that capture and 
convert predictable wave energy into low-cost, clean electricity. The Company is 
widely recognized as a leading developer of on-grid and autonomous wave-energy 
generation systems, benefiting from over a decade of in-ocean experience. OPT's 
technology and systems are insured by Lloyds Underwriters of London. OPT is 
headquartered in Pennington, New Jersey with offices in Warwick, UK. More 
information can be found at www.oceanpowertechnologies.com. 
 
 
 
                                   ********** 
 
Contact information: 
+----------------------------------------+---------------------------------+ 
| Ocean Power Technologies, Inc.         |                                 | 
| Charles F. Dunleavy, Chief Executive   | Telephone: +1 609 730 0400      | 
| Officer                                |                                 | 
+----------------------------------------+---------------------------------+ 
| Nomura Code Securities Limited         |                                 | 
| Juliet Thompson, Richard Potts         | Telephone: +44 20 7776 1200     | 
+----------------------------------------+---------------------------------+ 
|                                        |                                 | 
| Media Contact:                         |                                 | 
| Corfin Communications                  |                                 | 
| Neil Thapar, Claire Norbury            | Telephone: +44 20 7977 0020     | 
|                                        |                                 | 
+----------------------------------------+---------------------------------+ 
 
 
                                     ****** 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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