Ocean Power Technologies Announces the Deployment of Its PB3 PowerBuoy with Integrated Payload from National Data Buoy Center...
June 28 2016 - 9:00AM
Ocean Power Technologies, Inc. (NASDAQ:OPTT)
(“OPT” or “the Company”) announced today that it has re-deployed
the PB3-A1 PowerBuoy® (“PB3 PowerBuoy” or “PB3-A1”) off the coast
of New Jersey after completion of necessary repairs and
maintenance actions, and the integration of the National Data Buoy
Center (“NDBC”) Self-Contained Ocean Observing Payload (“SCOOP”).
The deployment of SCOOP is part of the previously announced
Cooperative Research and Development Agreement (“CRADA”) between
OPT and NDBC. SCOOP collects site-specific data on
meteorological and ocean conditions and is powered by the PB3
PowerBuoy.
George H. Kirby, President and Chief Executive
Officer of OPT, stated, “The deployment of the PB3 PowerBuoy with
SCOOP is an important step forward in OPT’s commercialization
efforts in the ocean observing sector. This deployment is the
first time SCOOP has been powered with a persistent power source
rather than relying solely on its own internal battery capacity.
The SCOOP is expected to provide NDBC with high quality metocean
data, and the data gathered during this deployment will also assist
OPT and NDBC in site selection for the next phase of the CRADA. We
anticipate the next phase will be a northern latitude deployment
where persistent power, reliability and survivability have
presented challenges for NDBC operations.”
Dr. Mike M. Mekhiche, OPT's Vice President of
Engineering, stated, “The SCOOP payload integration was completed
successfully by OPT in accordance with NDBC’s requirements.
PB3 PowerBuoy operating data is transmitted to OPT’s main control
center, located in Pennington, New Jersey. SCOOP data, which
is also accessible from OPT’s control center, is transmitted to
NDBC for integration into their ocean observing system platform,
which is used by industry, government, and academia. We
intend to use the PB3-A1 performance data to assess the persistent
power capabilities that the PB3-A1 may be able to provide, which we
believe may help NDBC overcome some of the challenges it
experiences in some ocean locations.”
Prior to retrieval for inspection, repair, and
upgrade, OPT’s PB3-A1 (formerly referred to as the APB350 A1)
achieved a total cumulative deployment time exceeding 125 days,
with energy generation surpassing 1,000 kWh (1 MWh), and a new
maximum generation record of 32 kWh of energy for a 24-hour
period.
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 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.
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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