OPT Announces Redeployment of APB350 (A1) PowerBuoy and Selected Performance Data Gathered During Initial Deployment
October 30 2015 - 7:30AM
Ocean Power Technologies, Inc. (Nasdaq:OPTT) today
announced that it redeployed the APB350 (A1) PowerBuoy off the
coast of New Jersey and resumed sea trials. OPT is also releasing
selected performance data gathered during the A1's initial
deployment as well as initial results of the Accelerated Life
Testing ("ALT") on its redesigned APB350 Power TakeOff ("PTO")
system.
George H. Kirby, President and Chief Executive Officer of OPT,
stated, "We are encouraged by A1's performance to date including
power generation during its initial deployment, especially
considering the recent rough and high sea states which resulted
from Hurricane Joaquin. Three key focal points of the A1 sea trial
have demonstrated considerable progress toward commercial
readiness: the linear seal, which prevents water from entering the
buoy; the PTO, which has showed minimal wear during the initial
deployment; and the survivability of the PowerBuoy system during
high sea states."
Mr. Kirby also noted that the buoy demonstrated and communicated
key meteorological data including air temperature, wind speed and
direction, and atmospheric pressure using the buoy's integrated
weather station.
Dr. Mike M. Mekhiche, OPT's Vice President of Engineering,
stated, "The A1 has been impressive in its power generation
performance, often significantly exceeding the name plate rating of
350 Watts. To date, the maximum power produced during any 24-hour
period has exceeded 28kWh, which is 233% more than the nameplate
rating of 8.4kWh."
The A1 also demonstrated its ability to generate sufficient
power at very low sea states, confirming significant PTO efficiency
improvements as compared to the previous design. These improvements
extend the buoy's ability to provide required power to its payload
over longer "zero wave" periods. This persistence is a critical
performance requirement for potential customers of autonomous
offshore power.
Dr. Mekhiche also noted that ALT testing has progressed
favorably. The ALT process consists of operating PTOs in tandem
with accelerated operating profiles, which subjects the PTOs to
various load conditions encountered in extreme sea states. The
objective of the test is to simulate an equivalent three-year ocean
deployment within a period of approximately nine months using PTOs
that are identical to those of the A1.
Mr. Kirby also noted continued progress on the next generation
of the APB350, which OPT expects to be ready for deployment by the
end of the current fiscal year. "We believe that the combination of
sea trials, accelerated life testing, and feedback from the
Technical Advisory Panel will help us shorten our product's time to
market, and the resulting information will help to increase the
confidence of our prospective customers in the overall performance
of the ABP350."
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.
CONTACT: Company Contact:
Mark A. Featherstone,
Chief Financial Officer of OPT
Phone: 609-730-0400
Investor Relations Contact:
Shawn Severson
The Blueshirt Group
Phone: 415-489-2198
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