PENNINGTON, N.J.--(BUSINESS WIRE)--
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock
Exchange AIM: OPT) ("OPT" or the "Company") today announces that it
has installed and commissioned one of its autonomous PowerBuoy(R)
systems off the coast of New Jersey under contract from the US Navy in
connection with a unique program for ocean data gathering.
The Navy's Deep Water Active Detection System ("DWADS") program is
designed to utilize sophisticated data gathering and communications
systems. This advanced technology program has prospective
applications, which include vessel tracking for homeland security, and
utilizes wide-area unattended sensor networks. Under this contract,
the Navy is ocean testing OPT's autonomous PowerBuoy as a power source
for the DWADS program.
OPT's Chief Executive Officer, Dr. George W. Taylor said, "We are
very pleased to be a part of this important Navy program. In addition
to our utility PowerBuoy business for large capacity, grid-connected
power stations, we believe that the use of smaller-scale PowerBuoys
for autonomous applications provides additional revenue-generation
opportunities for the Company. The advanced control features and
proven longevity of the PowerBuoy will make an important contribution
to the success of the Navy's initiatives."
Over the course of three days, and working with the US Navy, OPT
successfully installed the deep water anchoring system, and completed
tow-out and mooring of the PowerBuoy. The PowerBuoy is moored in 3,300
feet of water depth, 75 miles off the coast of New Jersey. The system
is in communication with OPT's facility in Pennington, New Jersey via
Iridium satellite. All on-board operational systems are performing as
expected.
The autonomous PowerBuoy is the second deployment carried out by
OPT over the past four weeks. On September 23 the Company announced
that it had deployed a PB40 PowerBuoy for Europe's first utility scale
wave power station project in Spain under contract with Iberdrola S.A.
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, and
future 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-Q 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 (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 harnessing wave energy and participates in a $150 billion renewable
energy market. The Company's proprietary PowerBuoy(R) 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 the leading provider of on-grid and autonomous
wave-energy generation with its energy 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.
Source: Ocean Power Technologies, Inc.
