The Ocean Power Technologies hybrid PowerBuoy® is Coming!
February 27 2020 - 6:24PM
Ocean Power Technologies, Inc. (NASDAQ: OPTT), a leader in
innovative and cost-effective ocean energy solutions, today
announced that the prototype for its newest product, the hybrid
PowerBuoy®, is in production at its New Jersey facility.
(Visit
www.oceanpowertechnologies.com/hybridPowerBuoy to see photos of the
hybrid PowerBuoy® build in progress.)
The hybrid PowerBuoy® will offer customers
remote power for subsea and topside applications, reliable data
communications, and a nominal 1.5-megawatt hours of energy storage.
Solar charging of on-board battery power with a clean-fueled
Stirling engine backup makes the hybrid PowerBuoy® a low- to
zero-carbon power solution, adding flexibility to the sea power
options that OPT can offer in conjunction with its ocean-proven
flagship product, the PB3 PowerBuoy®.
The hybrid PowerBuoy’s® hull design, compact
size, and single-point mooring will facilitate cost-effective rapid
deployment anywhere in the world and in a very broad range of sea
states. Applications include monitoring, surveillance, subsea
charging and connectivity for offshore industries including oil and
gas, science and research, aquaculture, and telecommunications.
Discussions are underway with prospective launch
customers in advance of open water testing of the hybrid PowerBuoy®
planned for this spring.
“Our team designed this product to meet the
offshore power needs expressed by numerous potential customers,”
said George Kirby, OPT President and Chief Executive Officer. “The
hybrid PowerBuoy® provides us with additional flexibility in
designing cost-effective power and communications solutions for
locations around the world.”
“All of our customers are focused on reducing
greenhouse gasses,” Kirby added. “Offering a solution that
incorporates primarily solar with propane-fueled backup power
further reduces our customers’ carbon footprint. The discussions
we’ve been having with customers throughout development have shown
real anticipation for the capabilities of the hybrid
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® solution platform provides clean and
reliable electric power and real-time data communications for
remote offshore and subsea applications in markets such as offshore
oil and gas, defense and security, science and research, and
communications. To learn more, visit
www.oceanpowertechnologies.com.
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.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7bbca4a9-6443-41da-8aeb-9fefe8d6d4ac
https://www.globenewswire.com/NewsRoom/AttachmentNg/5d41c512-b390-44af-acc1-e9e6ee35570b
Contact Information
Investors:
609-730-0400 x401
InvestorRelations@oceanpowertech.com
Media:
609-730-0400 x402
MediaRelations@oceanpowertech.com
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