Ocean Power Technologies Announces DOE Award Supporting Phase II Development of Next Generation Technologies
July 18 2022 - 5:00PM
Ocean Power Technologies, Inc. ("OPT" or "the Company") (NYSE
American: OPTT), a leader in innovative and cost-effective
low-carbon marine data, power, and consulting service solutions,
today announced that the U.S. Department of Energy (DOE) selected
the Company for the Phase II development of a next-generation wave
energy converter.
"Following our successful completion of the
Phase I DOE Award in April 2022, this continued investment by the
U.S. government towards novel, innovative, and clean ocean energy
technology is critical to achieving our nation’s blue economy
goals," said Philipp Stratmann, President and Chief Executive
Officer of OPT. “This award from the DOE will be used to expand our
Power-as-a-Service and Data-as-a-Service solutions, which will help
us to expedite the development of our next generation of wave
energy conversion technologies.”
In the DOE’s recently published awards for clean
energy Small Business Innovation Research (SBIR) projects, OPT will
receive up to $1,097,212 over the next 18-24 months to develop and
test a modular and scalable Mass-on-Spring Wave Energy Converter
(MOSWEC) PowerBuoy® for reliable powering of autonomous ocean
monitoring systems, bringing an entirely new PowerBuoy® into our
offering.
OPT holds multiple patents related to MOSWEC
technology, which generates power from the relative motion caused
by the ocean waves. OPT’s MOSWEC design has a hermetically sealed
hull to protect internal components, is about the size of a
standard shipping container, and is easily transportable and
deployable. In addition, the design is scalable to support a wide
range of applications and missions, including Maritime Domain
Awareness, autonomous vehicle charging, and subsea power.
About Ocean Power
TechnologiesOPT provides intelligent maritime solutions
and services that enable safer, cleaner, and more productive ocean
operations for the defense and security, oil and gas, science and
research, and offshore wind markets. Our PowerBuoy® platforms
provide clean and reliable electric power and real-time data
communications for remote maritime and subsea applications. We also
provide WAM-V® autonomous surface vessels (ASVs) and marine
robotics services through our wholly owned subsidiary Marine
Advanced Robotics. We are headquartered in Monroe Township, New
Jersey, and have offices in Houston, Texas, and Richmond,
California. 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 that could be inaccurate and 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 U.S. Securities and
Exchange Commission for 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 InformationInvestors:
609-730-0400 x401 or InvestorRelations@oceanpowertech.com Media:
609-730-0400 x402 or MediaRelations@oceanpowertech.com
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