OPT completes first ever USA grid connection


 

TIDMOPT 
 
RNS Number : 3584T 
Ocean Power Technologies Inc 
27 September 2010 
 

          OCEAN POWER TECHNOLOGIES COMPLETES FIRST-EVER GRID CONNECTION 
                        OF A WAVE ENERGY DEVICE IN THE US 
 
Pennington, NJ - September 27, 2010 -- Ocean Power Technologies, Inc. (Nasdaq: 
OPTT and London Stock Exchange AIM: OPT) ("OPT" or the "Company") announces that 
it has completed the first-ever grid connection of a wave energy device in the 
United States at the Marine Corps Base Hawaii ("MCBH"), in conjunction with the 
US Navy. This connection demonstrates the ability of OPT's PowerBuoy  systems to 
produce utility-grade, renewable energy that can be transmitted to the grid in a 
manner fully compliant with national and international standards. 
 
The PB40 PowerBuoy is part of OPT's ongoing program with the US Navy to develop 
and test the Company's PowerBuoy wave energy technology. The project began as a 
Small Business Innovation Research (SBIR) program at the Office of Naval 
Research (ONR). Key program goals include demonstrating system reliability and 
survivability, and the successful interconnection with the grid serving MCBH. 
 
The PowerBuoy was deployed on December 14, 2009 approximately three-quarters of 
a mile off the coast of Oahu in water depth of 100 feet. To date, the PowerBuoy 
has operated and produced power from over 3 million power take-off cycles and 
4,400 hours of operation. The PowerBuoy grid interface was certified in 2007 by 
an independent laboratory, Intertek Testing Services, as compliant with national 
and international standards, including the safety standards UL1741 and IEEE1547, 
and also bears the ETL Listed mark. 
 
The system has numerous on-board sensors that monitor a wide variety of system 
performance variables, external conditions and lifecycle parameters. Data 
collected by on-board computers is transmitted to a shore-based facility via a 
fiber optic cable embedded in the submarine power transmission cable and then 
transmitted via the Internet to OPT's facility in Pennington, New Jersey. The 
Company's engineers have collated much of this data and compared it to OPT's 
proprietary models which analyze the performance given actual in-coming wave 
conditions. This information has provided a strong correlation between the 
'actual' and 'expected' system performance, which serves to confirm OPT's models 
for its higher output PowerBuoys, including the PB150. 
 
The wave power project at MCBH underwent an extensive environmental assessment 
by an independent environmental firm in accordance with the National Environment 
Policy Act (NEPA) that resulted in a Finding of No Significant Impact (FONSI). 
The FONSI is the highest rating assigned. The project has utilized local 
Hawaiian subcontractors, including Sea Engineering Inc. for the installation, 
test and servicing of the systems. 
 
Charles F. Dunleavy, Chief Executive Officer of OPT, said, "OPT has been 
ocean-testing its technology in the Atlantic and Pacific Oceans for several 
years. Our engineers and marine operations personnel have worked hard to bring 
about this success. Grid connection is another significant milestone in 
demonstrating the potential for commercial status of our PowerBuoy technology. 
We thank the Navy and the Naval Facilities group for supporting this project as 
we move nearer to achieving their goals for the program. We are pleased to be a 
part of the renewable energy initiatives undertaken by the commander of Marine 
Corps Base Hawaii." 
 
 
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 and clean and environmentally-beneficial electricity. OPT has 
a strong track record in the advancement of wave energy. The Company 
participates in a $150 billion annual power generation equipment market. OPT's 
proprietary PowerBuoy  system is based on modular, ocean-going buoys that 
capture and convert predictable wave energy into 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 systems are insured by Lloyds Underwriters of London. OPT is 
headquartered in Pennington, New Jersey with an office in Warwick, UK. More 
information can be found at www.oceanpowertechnologies.com. 
 
 
 
 
                                   ********** 
 
Contact information: 
 
+----------------------------------------+---------------------------------+ 
| Ocean Power Technologies, Inc.         |                                 | 
| George W. Taylor, Executive Chairman   | Telephone: +1 609 730 0400      | 
| Brian M. Posner, Chief Financial       |                                 | 
| Officer                                |                                 | 
| Robert Lurie, Vice President North     |                                 | 
| America Business Development and       |                                 | 
| Marketing                              |                                 | 
+----------------------------------------+---------------------------------+ 
| Nomura Code Securities Limited         |                                 | 
| Juliet Thompson, Richard Potts         | Telephone: +44 20 7776 1200     | 
+----------------------------------------+---------------------------------+ 
| Media Contact:                         |                                 | 
| Corfin Public Relations                |                                 | 
| Neil Thapar, Claire Norbury            | Telephone: +44 20 7596 2860     | 
|                                        |                                 | 
+----------------------------------------+---------------------------------+ 
 
****** 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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