Ocean Power Technologies to Present at Marine Energy Technology Symposium (METS)
April 22 2015 - 7:30AM
Ocean Power Technologies, Inc. (Nasdaq:OPTT)
("OPT" or "the Company") announced today that it will be presenting
a paper entitled, "Comparison of Model Power Predictions to
Deployment Measurements" at the 2015 Marine Energy Technology
Symposium (METS) to be held in Washington, D.C. from April 27-29,
2015. In addition, Dr. Mike M. Mekhiche, Vice President of
Engineering at OPT, will also serve on a panel entitled "Global
Emerging Trends/Showcase of Technologies in MHK Development" during
the symposium.
The paper to be presented discusses OPT's validation of its most
advanced, proprietary numerical modeling tool, STORM, against data
collected during PowerBuoy ocean testing. OPT will present its
novel approach to implementing multi-physics models, using
commercially available tools, in order to accurately represent the
complex hydro-electro-mechanical behavior of dual absorber type
wave energy converters. OPT believes that such techniques allow for
rapid design assessment while considerably reducing development
time, technical risk and validation costs.
George H. Kirby, President and Chief Executive Officer of OPT
commented, "We strongly believe that it is important for leading
marine hydrokinetic technology companies such as OPT to make
techniques and data available to the industry to advance the
technology and to leverage multiple paths to market. OPT
continues to invest in the development and validation of our design
and analysis models which we believe are instrumental in the rapid
development and commercialization of our next generation wave
energy converters, and are a critical component of our discussions
with potential partners and customers."
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:
Mark A. Featherstone
Chief Financial Officer
Ocean Power Technologies, Inc.
Phone: (609) 730-0400
Investor Relations:
Shawn Severson
The Blueshirt Group
Phone: (415) 489-2198
E-mail: shawn@blueshirtgroup.com
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