Ocean Power Technologies Rebrands its PowerBuoy® Systems
March 14 2016 - 9:23AM
Ocean Power Technologies, Inc. (Nasdaq:OPTT)
announced today a rebranding of its PowerBuoy systems as part of
its aggressive commercialization efforts to more closely align the
Company’s PowerBuoy® product designation with best practices of
analogous industries based on power generation and on-board energy
storage capabilities.
Dr. Mike M. Mekhiche, OPT's Vice President of
Engineering, stated, “This naming convention is consistent with
industry best practices as observed within other power and
renewable energy industries, commercial energy generating systems,
and commercial energy storage products. The system designation
change incorporates market feedback, input from the Technology
Advisory Panel and potential customers.”
Accordingly, the new naming convention for the
APB350 will be “PB3”, corresponding to “PowerBuoy with a peak power
rating of three kilowatts.” This naming convention is based upon
ideal yet realistic ocean conditions resulting in a net AC peak
power delivered to a payload over a 20 minute period after
converting the incoming wave energy into useful AC electricity.
Dr. Mekhiche continued, “While there are no
established standards and methods for defining the power rating of
a wave energy conversion device such as the PowerBuoy, OPT selected
a generally accepted approach based upon best practices in other
industries such as renewable energy.”
In addition to its ability to deliver AC power
to a variety of payloads, the PB3 is also able to deliver DC power,
and is equipped with an on-board energy storage system (“ESS”).
OPT’s ESS is modular and scalable by design, allowing the PB3 to be
equipped with approximately 50 kWh to 150 kWh of energy storage
capacity, to meet varying application requirements. The new naming
convention will be introduced at the 28th Annual Roth Capital
Partners Conference on Wednesday, March 16th.
About Ocean Power
Technologies
Headquartered in Pennington, New Jersey, Ocean Power
Technologies (Nasdaq:OPTT) is a pioneer in ocean wave energy
conversion. OPT's proprietary PowerBuoy® technology is based on a
scalable and modular design. OPT specializes in cost-effective and
environmentally sound ocean wave based power generation and energy
storage 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.
Company Contact:
Mark A. Featherstone
Chief Financial Officer of OPT
Phone:
609-730-0400
Investor Relations Contact:
Andrew Barwicki
Barwicki Investor Relations Inc.
Phone:
516-662-9461
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