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Ocean Power Technologies Completes Testing of Next Generation Power Take-Off

Significant milestone towards PB150 deployment off Reedsport, Oregon

PENNINGTON, N.J.--(BUSINESS WIRE)--Jun. 18, 2012-- Ocean Power Technologies, Inc. (Nasdaq: OPTT) ("OPT" or the "Company"), a leading wave energy technology company, today announced the successful completion of extensive factory acceptance testing of the first of its next generation power take-off (“PTO”) units for the Company’s utility-scale PowerBuoy®, the PB150. The PTO has now been shipped from OPT’s facility in Pennington, New Jersey to Oregon Iron Works, where it is in the process of being integrated into the spar of the buoy in preparation for deployment off the coast of Reedsport, Oregon.

During testing, the PTO was subjected to varying simulated wave conditions to measure overall functioning and reliability, and it performed as expected in each area studied. The new direct drive system is a much larger version of that which was recently utilized in the Company’s PowerBuoy deployed off Oahu, Hawaii, for two years in a project with the US Navy. It is expected to provide increased efficiency and reliability compared with the previous hydraulic-based PTO design used by OPT in earlier PowerBuoys.

“We are excited to see our next generation power take-off successfully complete extensive survival and operational mode testing. We are now working to integrate it into the spar of the PB150 with the help of Oregon Iron Works’ professional team,” said Charles F. Dunleavy, Chief Executive Officer of OPT. “We expect the PowerBuoy to be ready for deployment off the coast of Reedsport, Oregon late this summer and look forward to an ocean demonstration that can pave the way for additional units in the region – with the eventual goal of a wave power station serving thousands of local residents and businesses.”

Upon completion of integration, the spar will be transferred to Vigor Marine, a leading provider of shipbuilding, ship repair and other industrial services in Portland, Oregon, for the final buoy assembly and testing ahead of deployment. The buoy will be launched using one of Vigor Marine’s floating drydocks, which will facilitate the handling and water launch of the PowerBuoy. Once in the water, the PowerBuoy will be towed from Portland to the Reedsport/Coos Bay area for interim staging prior to final deployment and installation. The towing plan has been approved by the United States Coast Guard Marine Safety Office in Portland. The final stage will involve towing the PowerBuoy to the Reedsport ocean site, where it will be connected to the mooring system that will be deployed with the assistance of marine contractor Northwest Underwater Construction, as well as other local companies, including Knutston Towboat Company.

Subsequent to deployment, a period of commissioning will occur before full-scale power generation testing begins. During the course of the ocean operations, periodic inspections will be conducted using local marine operations personnel and vessels. OPT’s remote communications and operations control system will allow continuous monitoring of all aspects of the performance of the PowerBuoy.

About Ocean Power Technologies

Ocean Power Technologies, Inc. (Nasdaq: OPTT) 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 an estimated $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 15 years of in-ocean experience. OPT is headquartered in Pennington, New Jersey, USA, with an office in Warwick, UK. More information can be found at www.oceanpowertechnologies.com.

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 and subsequent filings with the Securities and Exchange Commission 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.

Source: Ocean Power Technologies

Ocean Power Technologies Inc. Company Contact:
Ocean Power Technologies, Inc.
Brian M. Posner, Chief Financial Officer
Telephone: +1 609 730 0400
or
Media Contact:
Luther Pendragon
Neil Thapar, Claire Norbury
Telephone: +44 20 7618 9100
or
Investor Relations Contact:
Darrow Associates
Chris Witty
Telephone: +1 646 438 9385
Email: cwitty@darrowir.com