OPT awarded $2.75m by US Navy


 

TIDMOPT 
 
RNS Number : 7627T 
Ocean Power Technologies Inc 
04 October 2010 
 

               OCEAN POWER TECHNOLOGIES AWARDED $2.75 MILLION BY 
                      US NAVY FOR MARITIME SECURITY PROGRAM 
 
Pennington, New Jersey - October 4, 2010 -- Ocean Power Technologies, Inc. 
(Nasdaq: OPTT and London Stock Exchange AIM: OPT) ("OPT" or "the Company") 
announces that the US Navy has awarded $2.75 million in additional funding to 
OPT for a second stage under its existing contract to provide an autonomous 
PowerBuoy  wave energy conversion system for the Navy's near-coast 
anti-terrorism and maritime surveillance program. 
 
The new award follows the successful completion by OPT of the first stage of a 
four-year $15.0 million project for the US Navy's Littoral Expeditionary 
Autonomous PowerBuoy (LEAP) program. 
 
Charles F. Dunleavy, Chief Executive Officer of OPT, said: "OPT is delighted to 
receive this new funding from the US Navy. We appreciate the confidence that the 
Navy has shown in OPT and our autonomous PowerBuoy, which is based on a 
long-standing and productive partnership. Over a numbers of years, the US Navy 
has provided key funding to OPT for the development of our core PowerBuoy 
technology. This has provided the platform from which we have developed our 
autonomous PowerBuoy, as well as our 150 kilowatt-rated utility PowerBuoys now 
being built in Oregon and Scotland. With the recent achievement of 
grid-connection of our PowerBuoy at the Marine Corps Base in Hawaii and progress 
on the Navy's Deep Water Active Detection System program, we look forward to 
strengthening our relationship with the Navy to harness wave power for maritime 
security and utility applications." 
 
During the first 12-month stage under the LEAP program, OPT successfully 
completed delivery of the design and testing of a new power take-off system for 
its autonomous PowerBuoy. This represents a major step toward developing a 
LEAP-based vessel detection system. OPT's sub-contractor, Rutgers University, 
contributed to the system's radar network and communications infrastructure, 
while Mikros Systems Corporation provided the interface to the Navy's tactical 
system. In the second stage of the program, also to be performed over a one-year 
period, the Company will build and ocean-test a LEAP system off the coast of New 
Jersey. 
 
Dr. Philip R. Hart, OPT's Chief Technology Officer, stated: "There were some 
significant technical challenges in providing a power generation and delivery 
product to the exact requirements given to us by the Navy. However, using its 
unique knowledge and know-how, the team has delivered a high quality product 
that meets or exceeds all those customer targets." 
 
The LEAP program, first announced in October 2009, is aimed at enhancing the US 
Navy's homeland security and force protection capability through the provision 
of continuous non-grid connected power at sea. The objective entails combining a 
number of technologies, including at-sea sensors, communications, real-time 
signal processing and OPT's PowerBuoy with the ultimate aim of developing a 
vessel detection system. The benefits for the United States are expected to 
include protection for critical infrastructure, drug traffic interdiction and 
detection of surface and subsurface maritime threats. The project has received 
strong support from the New Jersey congressional delegation. 
 
 
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                                |                                 | 
| Brian M. Posner, Chief Financial       |                                 | 
| Officer                                |                                 | 
|                                        |                                 | 
+----------------------------------------+---------------------------------+ 
| 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 
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