Ocean Power Technologies Deploys PB3 PowerBuoy® for Enel Green Power in Chile
April 22 2021 - 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 deployment of a PB3
PowerBuoy® for Enel Green Power (EGP) off the coast of Las Cruces,
Chile to support the country’s transition to clean energy.
In September 2019, EGP purchased a PB3 PowerBuoy® and associated
equipment from OPT to support Chile’s Marine Energy Research and
Innovation Center (MERIC) Project, a hub for innovation in marine
energy in Chile and internationally. OPT’s PB3 PowerBuoy® converts
wave motion into clean, reliable electricity to supply continuous
and autonomous power and enable secure collection and transmission
of data from the sea. The autonomous offshore platform will
eventually power a suite of oceanographic sensors and transmit
real-time environmental data to a dedicated shore station studying
the potential effect of marine energy under real-world sea
conditions with minimal carbon footprint.
"We are proud of the work performed to deploy the PB3 PowerBuoy®
for EGP and to help bring new clean energy solutions to Chile,”
said George H. Kirby, President and Chief Executive Officer of OPT.
“We look forward to continuing to expand our presence in Chile and
throughout South America.”
“Chile has excellent conditions in terms of
marine resources to produce wave energy. This type of energy
production has several advantages: it is available 24 hours a day,
365 days a year; it is silent, and; it is not located in populated
areas. The installation of this device represents great progress on
the path towards the development of renewable energies in Chile,”
said James Lee Stancampiano, Chairman of the Board of MERIC.
An associated shore station was developed and supplied by OPT
and assembled and installed by Chile-based Salmoboats. OPT also
worked with Italy-based iSat to provide a shore-based wave radar
system installed by local contractor BZ Naval.
OPT originally scheduled the Chile deployment in April 2020, but
international travel restrictions and operational limits on work
activities within the country related to the COVID-19 pandemic
prevented implementation until this year. To complete the
installation while adhering to COVID-19 restrictions, OPT project
engineers and marine operations technicians utilized remote
collaboration tools to work closely with contractors on site.
Salmoboats performed all onshore preparations and acted as OPT’s
site representative. Louisiana-based SeaTrepid International, LLC,
which has experience working in the region, deployed the assembled
PB3 PowerBuoy®.
OPT will continue to monitor the operational performance of the
PB3 PowerBuoy® and provide remote diagnostics and support as
needed.
The project is scheduled to run through October 2023. For more
information, visit www.meric.cl.
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.
About Enel Green PowerEnel Green Power,
within the Enel Group, develops and operates renewable energy
plants worldwide and is present in Europe, the Americas, Asia,
Africa, and Oceania. A world leader in clean energy, with a total
capacity of around 49 GW and a generation mix that includes wind,
solar, geothermal, and hydroelectric power, Enel Green Power is at
the forefront of integrating innovative technologies into renewable
energy plants. To learn more, visit
https://www.enelgreenpower.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 U.S. Securities and Exchange Commission 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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3bbeaedf-3f08-4a79-8f34-2fff05ed1e24
Contact Information
Investors: 609-730-0400 x401 or InvestorRelations@oceanpowertech.com
Media: 609-730-0400 x402 or MediaRelations@oceanpowertech.com
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