PENNINGTON, N.J.--(BUSINESS WIRE)--Sep. 4, 2012--
Ocean Power Technologies, Inc. (Nasdaq: OPTT) (“OPT” or “the Company”)
today announced that it has entered into a Cooperative Research and
Development Agreement (“CRADA”) with the U.S. Department of Homeland
Security (“DHS”) Science & Technology Directorate (“S&T”) to perform a
new round of in-ocean tests on its Autonomous PowerBuoy® to
further demonstrate its use for ocean surveillance.
Specifically, the DHS S&T Borders and Maritime Security Division will
collaborate with OPT to demonstrate the effectiveness of its long
duration maritime vessel detection platform. This will involve the
redeployment of an APB-350 Autonomous PowerBuoy off the coast of New
Jersey, where previous work through the U.S. Navy’s Littoral
Expeditionary Autonomous PowerBuoy (“LEAP”) program last year produced
extremely positive results, including higher-than-predicted power
harvesting capability and survivability during Hurricane Irene and
its 50-foot high waves.
In tandem with the CRADA, OPT has been awarded a new $75,000 grant from
the Maryland Technology Development Corporation (“MTDC”) via a joint
technology transfer initiative to show how the Autonomous PowerBuoy can
be used with multiple surveillance technologies. OPT will leverage its
experience from the LEAP program in surface vessel detection to
demonstrate an enhanced tracking technology covering a wider variety of
vessels. This technology will feature an acoustic sensor system in
addition to the existing HF RADAR. This will allow the PowerBuoy to
collect data for ocean observing applications at the same time as it
performs its enhanced surveillance duties, demonstrating the dual use of
the PowerBuoy technology.
“Building on our success in 2011 with the LEAP deployment, we are
pleased to be implementing this advanced maritime security payload on
our Autonomous PowerBuoy” said Charles F. Dunleavy, Chief Executive
Officer of OPT. “The CRADA and the grant from the MTDC will assist us in
the expansion of the Autonomous PowerBuoy capability for vessel
detection operations, which is one of the significant potential markets
for this product. We look forward to deploying the upgraded device.”
Autonomous PowerBuoys form an important part of OPT’s commercial product
offering, and have been designed to generate power for off-grid
applications such as offshore oil & gas installations, fish-farming as
well as security and maritime monitoring. In February 2012, OPT reported
results of the LEAP program under which its device supplied continuous
power in excess of 400W throughout the entire deployment and produced
peak sustained electrical power of 1,500W, easily exceeding the critical
design goals.
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.
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Source: Ocean Power Technologies
Company Contacts:
Ocean Power Technologies, Inc.
Brian
M. Posner
Chief Financial Officer
Telephone: +1 609 730 0400
Media
Contacts:
Luther Pendragon
Neil Thapar
or
Claire Norbury
Telephone: +44 20 7618 9100
MAGNUS Corporate
Communications
John Gardner
or Blake Wilshaw
Telephone:
+61 89 2120101
Investor Relations Contact:
Darrow
Associates
Chris Witty
Telephone: +1 646 438 9385
Email:cwitty@darrowir.com
