Ocean Power Technologies Successfully Deploys APB350 PowerBuoy Off the Coast of Atlantic City, New Jersey
September 21 2015 - 08:46PM
Ocean Power Technologies, Inc. (Nasdaq:OPTT)
("OPT" or "the Company") announced today that it successfully
deployed its APB350 A1 PowerBuoy approximately 14 miles northeast
of Atlantic City, New Jersey.
The APB350 A1 contains an improved Power Takeoff (PTO) system
compared to the APB350 that was deployed in 2011 in connection with
the U.S. Navy's Littoral Expeditionary Autonomous PowerBuoy
("LEAP") Program and then redeployed in 2013 in conjunction with
the U.S. Department of Homeland Security.
George H. Kirby, President and Chief Executive Officer of OPT,
commented, "We believe that the APB350 represents a very appealing
value proposition to provide persistent and renewable, offshore
power in key markets including ocean observing, defense and
security, oil and gas and offshore wind. The APB350 is designed to
provide a robust and cost effective alternative to incumbent
solutions that utilize battery, solar and diesel power. We continue
to have interest from potential customers in the APB350, and we
look forward to sharing our A1 performance data with them."
The APB350 A1 features an advanced PTO design with a focus on
reliability, manufacturability, cost and efficiency improvement. It
utilizes OPT's prior generation modular energy storage system (ESS)
capable of supplying uninterrupted power to its payloads for up to
seven days in calm sea states. Real-time performance and weather
data will be collected and transmitted to OPT's monitoring and
analysis center at its corporate headquarters in Pennington,
NJ.
Mr. Kirby continued, "The APB350 A2 PowerBuoy, targeted to be
ready for deployment later this fiscal year, is expected to feature
an optimized hull geometry for improved wave energy extraction as
well as reduced fabrication, transportation and deployment costs
and a new high voltage ESS for better efficiency. We believe this
optimized hull geometry combined with the new ESS will allow
greater power capture and more efficient storage in a smaller,
lighter buoy. I am very excited about A2's market prospects and the
feedback we are receiving on the APB350 as we remain focused on our
strategic pivot to commercialize our autonomous buoys."
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
has developed and is seeking to commercialize its proprietary
PowerBuoy® technology, which is based on a modular design and has
undergone periodic ocean testing since 1997. OPT specializes in
designing 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
Investor Contact:
Shawn Severson
The Blueshirt Group
Phone: (415)489-2198
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