Ocean Power Technologies Launches hybrid PowerBuoy®
June 26 2020 - 9:00AM
Ocean Power Technologies, Inc. (“OPT” or “the Company”)
(NASDAQ: OPTT), a leader in innovative and cost-effective ocean
energy solutions, today announced the launch of its newest product,
the hybrid PowerBuoy®.
Easily deployable and outfitted with multiple power sources the
hybrid PowerBuoy® power and communications platform is ready for
use. Ideal for shorter-term missions, the hybrid PowerBuoy® is
suitable for a variety of marine solutions. The hybrid PowerBuoy®
utilizes solar panels and a clean-burning Stirling backup engine to
power topside or subsea payloads. Power is generated
independent of wave activity which the Company believes
makes it an ideal solution for powering through extreme
weather and heavy seas or in calm, low wave environments, including
near shore and inland bodies of water.
The hybrid PowerBuoy® can be utilized across many industries and
applications, including emergency and short-term power and
communications support for maintenance, testing and repair
services. It can be configured with OPT’s marine surveillance
solution for security monitoring of offshore areas.
Customized solutions are also available, including the addition of
subsea sensors to monitor for acoustic signatures, tsunami, and
other environmental conditions.
Data from the hybrid PowerBuoy® is transmitted to shore based
command stations via communications networks, including WiFi,
cellular, mesh and/or satellite systems, depending upon
location. Data can also be integrated with satellite,
terrestrial, and other data feeds to form a detailed surface and
subsea view.
OPT recently put the first hybrid PowerBuoy® through an initial
sea trial that included several tow configurations, roll and pitch
stability measurements, Stirling Engine and solar power source
operation and integration, and other tests in coastal New Jersey
waters, where it met or exceeded stringent engineering
requirements.
“We believe that the hybrid PowerBuoy® is a remarkable power and
communications platform – an easily deployable, clean offshore
energy source and excellent complement to OPT’s PB3 PowerBuoy®
solutions,” said George H. Kirby, President and Chief Executive
Officer of OPT.
For more about the hybrid PowerBuoy® visit the product page on
the OPT website at
https://oceanpowertechnologies.com/hybrid-powerbuoy/.
About Ocean Power TechnologiesHeadquartered in
Monroe Township, New Jersey, OPT aspires to transform the world
through durable, innovative and cost-effective ocean energy
solutions. Its PowerBuoy® solutions 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 StatementsThis 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 or InvestorRelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
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