PENNINGTON, N.J.--(BUSINESS WIRE)--Sep. 27, 2012--
Ocean Power Technologies, Inc (Nasdaq: OPTT) ("OPT" and “the Company”),
a leading wave energy technology company, today announced that its
utility-scale PowerBuoy® off the coast of Reedsport, Oregon,
is expected to be deployed in spring 2013.
Final testing of the PowerBuoy has continued to be on track for
completion ahead of final assembly and readiness for deployment in
October 2012, as announced previously. Subject to weather conditions,
the Company had thereafter planned to tow the completed device
approximately 300 miles from the Portland area dry dock to its
deployment site about 2.5 nautical miles west of Reedsport.
The early onset of unfavorable weather conditions in recent days has
significantly impacted the installation of moorings. In addition,
uncertainty regarding weather conditions over the October timeframe has
increased the risks of incurring substantial deployment vessel “standby”
costs and adverse safety conditions while transiting the buoy over the
distance from the dry dock to the deployment site. The buoy itself is
designed to perform well during severe weather once installed, but
during transit there are concerns for towing stability in the harsh
conditions now more frequent. Furthermore, following deployment there is
a required period of time for commissioning the PowerBuoy for full
operation, which also may need some level of marine operations.
Charles Dunleavy, Chief Executive Officer of OPT, said: “Our partners
and staff have worked very hard to enable completion of the buoy before
the harsh Oregon winter sets in. However, risk management plans for
marine operations have to be sufficiently flexible to cope with changes
in weather conditions, and safety concerns are paramount. As with all
our PowerBuoy deployments, we will proceed carefully, and we have
assessed the risks of deployment and commissioning activities during the
upcoming weeks. We are not prepared to compromise the safety of crews or
their vessels, or the OPT PowerBuoy system itself enroute to the site
and during the deployment and commissioning. We remain committed to
developing this wave energy project, and this process will serve to
enhance our future deployments. In light of the increased weather,
safety and cost risks, it is the right decision to plan for deployment
next spring.”
Mayor Keith Tymchuk of Reedsport, Oregon added: “This is a prudent
decision as people on the coast here know that the weather at this time
of year is challenging. It is best for the safety of the crews to do it
once and do it right.”
The PowerBuoy, which incorporates a proprietary new direct drive power
take off system, will be the first of up to 10 proposed devices that are
licensed by the Federal Energy Regulatory Commission for the
grid-connected Reedsport OPT Wave Park. The project size of 1.5
megawatts of electricity would be enough to power about 1,000 homes.
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 and 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, and operations in Melbourne
and Perth, Australia. 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 Forms
10-Q and 10-K and subsequent filings with the SEC 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, Inc
Company Contact:
Ocean Power Technologies, Inc.
Brian
M. Posner, Chief Financial Officer
Telephone: +1-609-730-0400
or
Media
Contacts:
Luther Pendragon
Neil Thapar, Claire Norbury
Telephone:
+44-20-7618-9100
Email: oceanpower@luther.co.uk
or
MAGNUS
Corporate Communications
John Gardner, Blake Wilshaw
Telephone:
+61-89-2120101
or
Investor Relations Contact:
Darrow
Associates
Chris Witty
Telephone: +1-646-438-9385
Email: cwitty@darrowir.com
