Ocean Power Technologies Signs Agreement with Eni S.p.A. to Provide PB3 PowerBuoy™ for Subsea Oil and Gas Operations
March 19 2018 - 8:45AM
Ocean Power Technologies, Inc. (NASDAQ:OPTT) announced today that
the Company has signed an agreement with Eni S.p.A. (“Eni”), one of
the world’s largest multinational oil and gas companies, to supply
a PB3 PowerBuoy™ for a demonstration of one of Eni’s subsea oil and
gas operations. The agreement provides for a minimum 24-month
contract that includes an 18-month PB3 PowerBuoy™ lease and
associated project management. OPT will also provide deployment
support, remote data collection and monitoring. The project is
expected to commence in March 2018. The OPT PowerBuoy™ will be
deployed in the Adriatic Sea to advance Eni’s Clean Sea technology
for marine environmental monitoring and offshore asset inspection
using autonomous underwater vehicles (AUVs). The PowerBuoy™ will be
used to demonstrate subsea battery charging, and eventually may be
used to provide a stand-alone charging station and communications
platform that would enable the long-term remote operation of AUVs.
George H. Kirby, President and Chief Executive Officer of OPT,
said, “This commercial agreement with Eni is our first in the oil
and gas market and is a significant milestone for our
Company. The technology being developed could allow Eni to
use clean energy to demonstrate the power and communications
capabilities of a combined PB3-subsea battery charging system in a
harsh offshore environment, for AUV and other applications.
We are excited about this new relationship and look forward to
helping Eni further advance its operations.” Kirby added, “We
believe the Eni deployment could lead to other applications
including the charging of underwater unmanned vehicles, well
monitoring and decommissioning applications in the oil and gas
industry, as well as metocean data collection. We hope to leverage
this work to further expand the use of our PB3 PowerBuoy™
throughout our target markets including oil and gas, security,
defense and telecommunications,” added Kirby. At the end of
the initial 18-month lease and upon successfully achieving
pre-defined technical metrics, Eni will have the option to either
extend the lease for an additional 18 months or purchase the PB3
PowerBuoy™.
About Ocean Power Technologies
Headquartered in Monroe Township, New Jersey, Ocean Power
Technologies aspires to transform the world through durable,
innovative and cost-effective ocean energy solutions. Its PB3
PowerBuoy™ uses ocean waves to provide clean and reliable electric
power and real-time communications for remote offshore applications
in markets such as oil and gas, defense, security, ocean observing,
and communications. To learn more,
visit www.oceanpowertechnologies.com.
About
EniEni is an integrated energy company employing more than
33.000 people in 73 countries in the world. Eni engages in oil and
natural gas exploration, field development and production, as well
as in the supply, trading and shipping of natural gas, LNG,
electricity and fuels and has consistently ranked among the top 100
on the Fortune Global 500 list of the world’s largest companies by
revenue.
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.
Investor Relations Contact:Jackie Marcus or Steve
CalkEmail: OPTT@alpha-ir.comPhone: 312-445-2870
Media
Contact:Marilyn VollrathReputation Partners, LLCPhone:
(414) 376-8834iEmail: Marilyn@reputationpartners.com
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