PENNINGTON, N.J.--(BUSINESS WIRE)--Oct. 1, 2009--
Ocean Power Technologies, Inc. (Nasdaq: OPTT and London Stock Exchange
AIM: OPT) ("OPT" or “the Company") announces that it has achieved a
significant milestone for its autonomous PowerBuoy® product with the
award of a new $2.4 million contract from the US Navy to provide OPT’s
PowerBuoy wave energy conversion system to the Navy’s Littoral
Expeditionary Autonomous PowerBuoy (LEAP) program.
This contract, to be performed over a one year period, is the initial
award under a proposed four-year $15.0 million project concerning the
LEAP system that has been established to enhance the US Navy’s
anti-terrorism and force protection capability by providing persistent
power at sea for port maritime surveillance in the near coast, harbors,
piers and offshore areas. The system capability includes detection,
tracking and communication of information on a timely basis. Certain
aspects of the system will be provided by sub-contractors to OPT,
including Rutgers University and Mikros Systems Corporation.
Under the initial contract, OPT will provide its PowerBuoy wave energy
conversion technology for testing with sensor-based and communications
systems, with the ultimate aim under the four-year program of developing
a LEAP-based vessel detection system testbed.
This is OPT’s first contract with the US Navy under the LEAP program,
and builds on its existing relationship that dates back to June 2007
when OPT was awarded a $1.7 million contract to provide autonomous
PowerBuoy technology for the Navy’s Deep Water Active Detection System
(“DWADS”) for ocean data gathering. In addition, OPT has worked under
contract from the US Navy in a program for the development and testing
of PowerBuoy wave power systems at the Marine Corps Base in Oahu, Hawaii.
Mark R. Draper, Chief Executive Officer of OPT, said, “We are delighted
to support the US Navy in its initiatives for improved homeland security
and force protection. OPT’s PowerBuoy wave energy conversion system is
an important enabling technology for providing power to remote at-sea
sensors and communications technologies provided by our partners. In
this first contract under the LEAP program, which complements our
existing projects with the Navy, we expect to build on our prior
experience with the autonomous PowerBuoy by further developing our
advanced power take-off systems.”
The LEAP program objective includes leveraging a number of existing
technologies, including at-sea sensors, communications, real-time signal
processing and OPT’s PowerBuoy. The benefits for the United States are
expected to include protection for critical infrastructure, drug traffic
interdiction and detection of surface and subsurface maritime threats.
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®
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
