PENNINGTON, N.J., Nov 02, 2009 (BUSINESS WIRE) -- Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange
AIM: OPT) ("OPT" or the "Company") announces the successful completion
of trials of its Underwater Substation Pod ("USP") product in Spain. The
USP, based on the Company's proprietary design, has been developed to
facilitate the collection, networking and transforming of power and data
generated by up to ten of its PowerBuoys for transmission to a
shore-based electricity grid by one subsea power cable. It has been
built as an open platform, and can therefore provide "plug and play"
connectivity for any offshore energy device linked to it.
Underwater trials of the USP included pressure testing, running electric
power to and from the system, and verification of data communication
capabilities.
The completion of this significant milestone by OPT is part of an
Engineering, Procurement and Construction contract with Iberdrola
Marinas de Cantabria, a special purpose company whose shareholders
include:-
-
Iberdrola S.A., the major Spanish utility company;
-
Sodercan, the regional development agency for the Cantabria region of
northern Spain;
-
IDAE, the energy agency of the Spanish government; and
-
Total, the oil and gas company.
OPT believes that the USP is a unique product in the offshore market and
creates a potentially new revenue stream for the Company from sales to
third parties engaged in marine power development and other offshore
activities. Current sources of OPT's revenues are PowerBuoys designed
for utility-scale power generation projects and autonomous applications
such as offshore homeland security.
The USP was designed and developed entirely by the Company from concept
to manufacture and successful underwater testing. The majority of
offshore energy systems generate electricity at low voltage and need to
step-up to medium or high voltage for efficient transmission to shore.
Additionally, offshore power projects typically have a number of devices
(wind turbines, wave energy converters, tidal devices) that need to be
networked offshore so that a single subsea cable can export the power
and data to the shore. OPT has fully analyzed these requirements and
developed its innovative USP to meet these performance demands. In order
to minimize the cost and complexity of marine operations, innovative
connections and disconnections have also been designed to be undertaken
at the sea surface using standard vessels.
Stuart Bower, Engineering and Projects Director of Ocean Power
Technologies Limited, who led the development team of this exciting new
product, stated: "This project has been a true engineering challenge of
converting an idea on a "whiteboard" into reality and demonstrates how
the Company's technical base can be used to create valuable intellectual
property. Comparable products used in the offshore oil and gas industry
do not have the USP's advantages for higher power capacity, longer life
expectancy, fewer moving parts, a passive cooling system, lower cost per
MegaWatt, and the ability to accommodate many power generation devices.
We are delighted at the potential value the USP can bring to wave power
projects and other offshore energy markets."
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(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 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.
SOURCE: Ocean Power Technologies, Inc.
Ocean Power Technologies, Inc.
Mark R. Draper, +1 609-730-0400
Chief Executive Officer
or
Charles F. Dunleavy, +1 609-730-0400
Chief Financial Officer
or
Nomura Code Securities Limited
Juliet Thompson, Richard Potts, +44 20 7776 1200
or
Media:
Corfin Communications
Neil Thapar, Martin Sutton, Claire Norbury, +44 20 7977 0020
