Ocean Power Technologies, Inc. (NASDAQ: OPTT), a leader in
innovative and cost-effective ocean energy solutions, today
announced that Eni, one of the world’s largest energy companies,
has extended its lease of a PB3 PowerBuoy® for an additional 18
months. OPT has also been contracted for an additional scope of
work to provide a power and communications solution for an entirely
new application in the Adriatic Sea.
Following more than one year of continuous
maintenance-free operation as part of an underwater autonomous
vehicle charging pilot project off the coast of Italy in the
Adriatic Sea, OPT will redeploy the leased PB3 PowerBuoy® to
provide power to systems on an unmanned, decommissioned gas
production platform.
The offshore platform conversion project is
exploring the potential of future ecologically sustainable
life-extension strategies for oil and gas platforms at the end of
their productive phase. With carbon-free power provided by the PB3
PowerBuoy® and an OPT-designed power delivery system and interface,
the project will assess the value of the platform to the ecosystem
if left in place, as well as the viability of integrated
aquaculture farming, recreational, and other uses.
“Eni is a leader in seeking sustainable business
processes for the oil and gas sector. Eni’s continued confidence in
the PB3 is a bellwether for offshore industries seeking to
decarbonize operations while also reducing risk and operational
costs,” said George Kirby, OPT President and Chief Executive
Officer.
The PB3 PowerBuoy® is designed for three years
of operation between routine maintenance intervals, which allows
OPT to rapidly reutilize the leased asset for Eni. The PB3
PowerBuoy® will be relocated off Italy’s Abruzzo region coastline
in July 2020 with OPT engineering support beginning
immediately.
“Our commitment to superior products and service
leads to the development of innovative solutions for additional
challenges our customers face,” Kirby added. “We applaud Eni’s
vision and understanding of the adaptability of the PB3 PowerBuoy®
power and communications platform for myriad offshore
applications.”
About the OPT PB3
PowerBuoy®
The OPT PB3 PowerBuoy® integrates patented
technologies in hydrodynamics, electronics, energy conversion, and
computer control systems to extract the natural energy in ocean
waves. The result is a leading edge, ocean-tested, proprietary
autonomous system that turns wave power into reliable, clean, and
carbon-free electricity for offshore applications. PB3 PowerBuoy®
solutions are tailored to customer needs including monitoring,
surveillance, subsea charging and connectivity for the offshore
industries including oil and gas, science and research, and
telecommunications.
About the Eni Underwater AUV
Project
Deployed in December 2018 in the Adriatic Sea,
the PB3 PowerBuoy® leased by Eni has successfully demonstrated its
capability as a charging and communications platform to enable the
long-term remote operation of Eni’s Clean Sea autonomous underwater
vehicle (AUV). OPT-patented technology enables the PB3 PowerBuoy®
to create power even in waters with limited wave energy, like the
calm environment of the Adriatic Sea where it has produced more
than two megawatt hours (2 MWh) of electricity since being
deployed.
The PB3 PowerBuoy® power take-off (PTO) – the
system that converts wave energy into rotary motion to drive a
generator that produces electrical power -- has completed more than
2.3 million duty cycles to date, which is equivalent to more than
2,600 kilometers (1,740 miles) traveled.
About Eni
Eni is an integrated energy company employing
more than 33,000 people in 73 countries around 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.
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.
Contact Information
Investors:
609-730-0400 x401
InvestorRelations@oceanpowertech.com
Media:
609-730-0400 x402
MediaRelations@oceanpowertech.com
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