Ocean Power Technologies Enters Into First Commercial PB3 Agreement with Mitsui Engineering and Shipbuilding
June 01 2016 - 8:30AM
Ocean Power Technologies, Inc. (NASDAQ:OPTT)
(“OPT” or “the Company”) announced today that the Company has
entered into a PB3 PowerBuoy® lease agreement (“Agreement”) with
Mitsui Engineering and Shipbuilding (“MES”), which is valued at
approximately $975,000. The PB3 PowerBuoy leased by MES is planned
to be deployed off Kozu-island in Japan following a planned stage
gate review. Under the Agreement, OPT will also provide
engineering support, associated deployment planning and logistics
and ocean performance data collection and analysis. OPT and MES
will also jointly develop and test an advanced control algorithm
with the goal of assessing increased ocean wave energy capture and
electric power generation for potential customers in Japan and
surrounding countries. Work on the project began in March 2016
following the signing of a letter of intent by OPT and MES.
George H. Kirby, President and Chief Executive
Officer of OPT, stated, “This first commercial agreement with MES
is a significant and exciting commercialization milestone for
OPT. MES has been a strong strategic partner in the
development of the PowerBuoy, and this milestone will allow MES to
demonstrate the flexibility of the PB3 power and communications
platform in sea conditions off the coast of Japan. We believe
that the deployment under this Agreement could provide access to a
potentially huge market in Japan and the surrounding areas, and
we’re looking forward to potentially leveraging these events with
other interested parties. Market applications could include
national defense and security, such as early detection and warning
systems for subsea and surface threats, or oil field management and
metocean applications for the oil and gas industry and scientific
communities.”
“We’re looking forward to working closely with
MES to commercialize the PB3 throughout Asia. We hope that it
will serve the many markets in need of new and better power and
communications solutions.”
About Ocean Power Technologies
Headquartered in Pennington, New Jersey, Ocean
Power Technologies (NASDAQ:OPTT) is a pioneer of ocean wave power
generation and energy storage systems. OPT’s proprietary PowerBuoy®
technology is based on a cost-effective, scalable, modular, and
environmentally sound design which provides power and
communications for a number of markets and applications.
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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