DeepStar® Awards Subsea Systems Engineering Contract to Ocean Power Technologies
November 16 2020 - 9:17AM
Ocean Power Technologies, Inc. ("OPT" or "the Company")
(NASDAQ: OPTT), a leader in innovative and cost-effective ocean
energy solutions, today announced receipt of a DeepStar® project
award to study the deployment and operational requirements of
utilizing OPT's PB3 PowerBuoy® to provide remotely controllable
zero carbon power for deepwater subsea oil production applications.
"Remote Zero Carbon Power for Electric Subsea
Operations" is a techno-economic feasibility study funded by the
DeepStar® CORE program and supported by project champion Total
E&P Research and Technology USA. The project will explore
utilizing OPT's PB3 PowerBuoy® and a subsea battery to reduce the
cost and carbon emissions associated with conventional means of
powering and controlling subsea oil and gas production equipment.
The study will consider water depths of 1000, 2000, and 3000
meters. Details are available on the DeepStar website
(www.thedeepstar.org/2020-projects).
"We are excited to work with Total and the
DeepStar® member companies to explore the practical cost-saving,
low-risk, and zero-carbon benefits of our solutions for deepwater
subsea oil production applications," said George H. Kirby,
President and Chief Executive Officer of OPT.
"Total is interested in studying how locally
generated electrical power can support its vision of all-electric,
low-carbon developments in deep offshore," said Daniel Byrd, Subsea
& Deepwater Manager at Total E&P Research and Technology
USA. "This study is intended to identify which combinations of
parameters (water depth, tieback distance) could bring cost savings
for a simple subsea architecture using OPT's PB3 PowerBuoy®."
DeepStar® is a joint industry technology
development program focused on advancing technologies to meet its
members' needs. Along with Total, members of the Texas-based
consortium include Chevron, CNOOC, Equinor, ExxonMobil, JX Nippon,
Occidental, Petrobras, Shell, and Woodside.
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 - OPT
Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
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