Photo Release -- Ocean Power Technologies Successfully Deploys PB40 PowerBuoy Off the Coast of New Jersey
PENNINGTON, N.J.,
|
A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=34730
The PB40 PowerBuoy weighs 130 tons, is 110 feet in length, operates in 45 meters or more of water, and incorporates new design features including a high voltage electric power generation, distribution and management system, as well as an advanced energy storage system to provide autonomous power for offshore applications. The PB40 is permitted to operate at this location for a period of one year during which performance and wave data will be collected and transmitted to its monitoring and analysis center at OPT headquarters in Pennington, NJ.
In addition, OPT anticipates deploying its APB350 A1 PowerBuoy later this summer and also readying its APB350 A2 PowerBuoy for deployment by the end of calendar 2015 as part of its strategic pivot to key autonomous offshore commercial applications and markets.
George H. Kirby, President and Chief Executive Officer of OPT commented, "This deployment is the culmination of the tremendous effort and dedication of the entire OPT team, deepening our expertise and solidifying our leadership in renewable wave energy conversion technology. We are very proud of this achievement and we look forward to assessing the buoy's performance, which will provide an important step in furthering our discussions with customers in our target markets. Our goal is to bring reliable, cost-effective offshore power solutions to markets that will provide viable alternatives to higher-cost solutions and enable many new customer applications that are currently not available."
Mr. Kirby continued, "I again would like to thank the
About Ocean Power Technologies
Headquartered in Pennington, New Jersey, Ocean Power Technologies (Nasdaq:OPTT) is a pioneer in renewable wave-energy technology that converts ocean wave energy into electricity. OPT's proprietary PowerBuoy® technology is based on a modular design and has undergone periodic ocean testing since 1997. OPT specializes in cost-effective and environmentally sound ocean wave based power generation and management technology.
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. Forward-looking statements are identified by certain words or phrases such as "may", "will", "aim", "will likely result", "believe", "expect", "will continue", "anticipate", "estimate", "intend", "plan", "contemplate", "seek to", "future", "objective", "goal", "project", "should", "will pursue" and similar expressions or variations of such expressions. These forward-looking statements reflect the Company's current expectations about its future plans and performance. 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.
The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.
CONTACT: Company Contact: Mark A. Featherstone, Chief Financial Officer of OPT Phone: 609-730-0400 Investor Contact: Shawn SeversonThe Blueshirt Group Phone: (415)489-2198