Ocean Power Technologies to Proceed to the Next Phase of U.S. DoE Power Take-Off Technology Contract
April 08 2015 - 8:00AM
Ocean Power Technologies, Inc. (Nasdaq:OPTT)
("OPT" or "the Company") announced today that it has successfully
completed a stage gate review with the Department of Energy (DoE)
related to its Power Take-off (PTO) technology that could be used
with both small and large scale PowerBuoys. Evaluation criteria for
the stage gate review included PTO cost reduction, simplification
of the manufacturing process, increased reliability, increased
efficiency and overall reduction in PowerBuoy® Levelized Cost of
Energy (LCOE).
Ocean Power Technologies demonstrated considerable advancements
in all of these criteria and presented what it believes to be a
practical approach to aggregating the power output of optimized
PowerBuoys.
George Kirby, President and Chief Executive Officer of OPT,
commented, "We appreciate the continued investments by the U.S.
Department of Energy in support of our efforts to advance the
marine renewable energy industry's knowledge of PTO efficiency and
costs and look forward to advancing that knowledge in the next
phase of our contract. We believe these findings define a viable
path toward developing scalable PowerBuoy commercial products
suitable for large and small scale power applications."
The next phase of this project is included in OPT's backlog as
listed in its 10-Q for the period ended January 31, 2015.
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
advanced autonomous (not grid connected), 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.
CONTACT: Company Contact:
Mark A. Featherstone, Chief Financial Officer of OPT
Phone: 609-730-0400
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