OPT receives UK funding award


 

TIDMOPT 
 
RNS Number : 1491Q 
Ocean Power Technologies Inc 
29 July 2010 
 

                OCEAN POWER TECHNOLOGIES WINS GBP1.5 MILLION AWARD IN UK 
                     TO SPUR DEVELOPMENT OF HIGHER OUTPUT POWERBUOY 
 
Pennington, NJ - July 29, 2010 -- Ocean Power Technologies, Inc. (Nasdaq: OPTT 
and London Stock Exchange AIM: OPT) ("OPT" or the "Company") announces that its 
subsidiary, Ocean Power Technologies, Ltd, based in Warwick, England has been 
awarded a GBP1.5 million (approximately $2.3 million) grant from the South West 
of England Regional Development Agency ("SWRDA") for the development of its next 
generation 500kW PowerBuoy  wave power system. 
 
The award  will further strengthen OPT's long-term involvement with Britain's 
southwest region, where it became the first company to commit to participate in 
Wave Hub, the GBP42 million wave energy farm for which the infrastructure is now 
under construction by SWRDA at Hayle, Cornwall, England. 
 
With the new award, OPT will lead a project to accelerate the development of the 
technology for a larger version of its utility-scale PowerBuoy for expected 
deployment at the Wave Hub, sponsored by SWRDA. The anticipated collaboration 
among OPT, A&P Falmouth and the Peninsula Research Institute for Marine 
Renewable Energy, which is a collaboration between the Universities of Exeter 
and Plymouth (all based in the South West of England) will contribute to the 
scale-up of OPT's existing 150kW to 500kW PowerBuoy, as well as provide 
innovations to improve reliability and increase performance of the PowerBuoy. 
 
Among the objectives of the project are prototype design enhancements for the 
PB500, with an expected output to power approximately 300 homes. Working with 
its partners, OPT will address additional areas of the PowerBuoy technology 
development program such as Design for Manufacture, materials research and site 
identification procedures. Upon completion of the project, OPT expects to bring 
key benefits to system delivery and market service capabilities  as well as 
industry building and job creation in the South West of England. 
 
Angus Norman, Chief Executive Ocean Power Technologies, Ltd., said: "This award 
is a mark of the commitment and strong relationships among OPT, its partners and 
SWRDA to establish the South West of England as one of the world's leading 
centers for marine energy with the Wave Hub as its focal point. It will enable 
OPT to accelerate the development of its next generation PowerBuoy, which we 
believe will be competitive in large production volumes with fossil fuel-based 
energy. It also will help to boost Britain's renewable sector in the long term." 
 
This is the second award to OPT in connection with its PB500. In April 2010, OPT 
was awarded $1.5 million from the US Department of Energy towards the 
development of OPT's next generation PowerBuoy wave power system. 
 
 
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                                |                                 | 
| Brian M. Posner, Chief Financial       |                                 | 
| Officer                                |                                 | 
+----------------------------------------+---------------------------------+ 
| Nomura Code Securities Limited         |                                 | 
| Juliet Thompson, Richard Potts         | Telephone: +44 20 7776 1200     | 
+----------------------------------------+---------------------------------+ 
|                                        |                                 | 
| Media Contact:                         |                                 | 
| Corfin Public Relations                | Telephone: +44 20 7596 2860     | 
| Neil Thapar, Claire Norbury            |                                 | 
|                                        |                                 | 
+----------------------------------------+---------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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