PENNINGTON, N.J., Nov 12, 2008 (BUSINESS WIRE) -- Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange
AIM: OPT) ("OPT" or
the "Company") is
pleased to announce that it has installed one of its PowerBuoy(R)
wave power generation units near Kaneohe Bay on the island of Oahu,
Hawaii. This is the third PowerBuoy to be deployed by OPT over the past
two months at sites in both the Atlantic and Pacific Oceans. The Oahu
PowerBuoy was launched under the Company's
ongoing program with the US Navy for installation of PowerBuoys off
Marine Corps Base Hawaii at Kaneohe Bay and will be connected to the
Oahu power grid. Further, the US Navy has added $300,000 in funding for
this program to provide for extended operation of the PowerBuoy system.
Deployment of the PowerBuoy was supported by Hawaiian diver and workboat
subcontractors. The PowerBuoy is located approximately one mile off the
coast, in 100 feet of water. Compact and modular in design, the system
resembles an ocean-going buoy and is less than 12 feet in diameter and
55 feet long. It is based on OPT's proprietary
design and is primarily below the sea surface, with minimal visual
impact.
The power produced has been in accord with OPT's
predictive models, and is undergoing continuous monitoring at OPT's
Pennington, New Jersey facilities, 5,000 miles away from the PowerBuoy
in Hawaii. The monitoring at OPT's facility in
New Jersey of the system's operations
includes real-time receipt of data via radio link and internet-based
communications, from the many on-board sensors. The system has the
capability to amend its operating mode automatically, in reaction to
changing sea states.
Previously, the OPT wave power project at Oahu underwent an extensive
environmental assessment by an independent engineering company in
accordance with the National Environment Policy Act (NEPA). This study
featured evaluation of potential impacts on the seabed; fish, organisms
and mammals; vegetation; and sea quality. The study concluded that the
project would have no significant impact on the environment, which is
the highest such rating.
Dr. George W. Taylor, CEO of OPT stated, "Our
engineering group has done a superb job of executing the design, build,
test and deployment of this PowerBuoy system in Hawaii. We are pleased
to be a part of the Navy's effort to develop
and commercialize new technologies to reduce the Navy's
dependence on fuel shipments for power generation facilities, and to
meet its strategic goals and other sustainability initiatives."
Taylor continued, "We greatly appreciate the
support which the program has received from the Congressional
delegations of Hawaii and New Jersey, the US Navy, and the encouragement
of Marine Corps Base Hawaii."
OPT and the US Navy have been jointly advancing PowerBuoy technology for
a number of years. This has resulted in contributions to the PowerBuoy
design and increased operational efficiency. These advancements benefit
both utility scale, grid-connected PowerBuoys, and those used for
autonomous applications in deep ocean conditions, for both the
commercial and government sectors.
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 (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 converts 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.
Ocean Power Technologies, Inc.
Dr. George W. Taylor, +1 609-730-0400
Chief Executive Officer
or
Charles F. Dunleavy, +1 609-730-0400
Chief Financial Officer
or
Media Contact in United States:
Edelman
Mona J. Walsh, +1 212-704-4598
mona.walsh@edelman.com
or
Media Contact in United Kingdom:
Corfin Communications
Neil Thapar or Martin Sutton, +44 20 7977 0020
or
Collins Stewart Europe Limited
Adrian Hadden or James Cassley, +44 20 7523 8350
