PENNINGTON, N.J.--(BUSINESS WIRE)--Feb. 2, 2012--
Ocean Power Technologies, Inc. (Nasdaq: OPTT) (“OPT” or “the Company”),
a leading wave energy technology company, today announces the results of
the ocean operations of its autonomous PowerBuoy recently deployed off
the coast of New Jersey for the US Navy. The system delivered a very
strong performance, meeting all of its mission specifications. The
autonomous PowerBuoy is a self-sustaining persistent power source for
offshore equipment and devices, operating in a wide range of sea
conditions for multiple applications including maritime security. It is
significantly smaller and more compact than the Company’s standard
utility PowerBuoy due to the lower power requirements of these deep
ocean applications.
Deployed under a contract from the US Navy’s Littoral Expeditionary
Autonomous PowerBuoy (LEAP) program, the PowerBuoy was designed by OPT
to provide persistent power for the Navy’s radar and communications
payload. Project specifications called for a payload power delivery on a
continuous basis of 150 watts (150W) with an extended target to exceed
this rating. The actual results were significantly better than expected
as the PowerBuoy supplied continuous power in excess of 400W throughout
the entire deployment and produced peak sustained electrical power of
1,500W. This power more than supported the 150W payload 24 hours a day,
7 days a week, for the entire duration of the ocean operations over a
three-month period. The on-board power management and storage system
allowed the payload to be supplied with power even during extended
periods of zero wave activity.
The autonomous PowerBuoy performed well in both calm and extreme ocean
conditions in the water depth at which it was moored of approximately 37
meters. As previously reported, the PowerBuoy was in the direct path of Hurricane
Irene, which hit the New Jersey coastline on Saturday, August 27,
2011. The PowerBuoy emerged from the two-day storm undamaged, having
withstood wave heights of over 16 meters. During the storm, the
PowerBuoy continued at all times to produce and deliver power as well as
dissipate the high amounts of excess energy in accordance with its
internal protection systems. In addition, constant communication was
maintained with the device during the storm, allowing real time on-land
monitoring of the buoy’s performance. In accordance with its design
concept and goals, the PowerBuoy operated on a fully-autonomous basis,
implementing the requisite power management and self-protection
functions without the need for any human intervention.
Charles F. Dunleavy, Chief Executive Officer of OPT, commented: “We are
delighted to report that our autonomous PowerBuoy exceeded the design
specification and met all stretch goals set by the US Navy in a variety
of demanding ocean conditions. Its excellent performance and OPT’s
proprietary power management system will bolster our product offering to
meet our customers’ needs for sustainable power requirements for a
multitude of applications offshore. The unique ability to supply
persistent levels of power, with no routine maintenance requirements and
in extended no-wave periods, represents an entirely new offering for
satisfying offshore power needs. We believe these results establish
baseline capabilities for our autonomous product line in support of
maritime security applications as well as other applications in markets
such as the offshore oil and gas industry, the oceanography community
and aquaculture sector. We are proud to be a part of this program for
national security and are grateful for the support of the US Navy.”
Currently, systems requiring remote power at sea are often powered by
diesel generators, which require frequent maintenance and fuel
replenishment. The LEAP PowerBuoy system was developed by OPT to provide
constant power under all wave conditions for a sea-based radar and
communications system specified by the US Navy. The Company’s
proprietary power management techniques and on-board energy storage
capability are key innovations of the system, which enable operation
even in extended zero-wave sea conditions. In addition, the system has
been engineered to require no maintenance for three years.
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. More information can be found
at www.oceanpowertechnologies.com.
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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
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
